Lloyd’s rules former CEO Neal breached rules

In a statement issued today (22 July), the Council of Lloyd’s stated an investigation, supported by external legal counsel, showed Neal’s conduct while he was in charge of the London market fell “significantly below the standards expected” of the market’s CEO.

His behaviour amounted to a breach of Lloyd’s compliance policy and his employment contract, the investigation concluded.

The findings relate to Neal’s relationship with former corporate affairs director Rebekah Clement during their time at Lloyd’s.

While the investigation found no conclusive evidence the pair were engaged in a romantic relationship, it concluded their relationship was sufficiently close to create a perceived conflict of interest that should have been disclosed.

The council found neither Neal nor Clement declared the perceived conflict, contrary to Lloyd’s global compliance policy, preventing the organisation from putting measures in place to manage the situation.

The investigation also found senior figures at Lloyd’s raised concerns directly with Neal about the relationship on more than one occasion.

Although Neal acknowledged the concerns and promised steps to modify his conduct, investigators found no evidence of any material change in his behaviour.

In addition, the council concluded Neal failed to ensure certain whistleblowing reports made in November 2023 were handled in line with his responsibilities as CEO.

Lloyd’s stated the conduct of both Neal and Clement caused reputational damage to the corporation and the wider Lloyd’s market.

It also concluded Clement should have modified her behaviour and disclosed the perceived conflict after becoming aware of rumours surrounding the relationship.

However, the investigation found no evidence of irregularities in Clement’s promotion to corporate affairs director.

The governance failings came to light after Lloyd’s identified shortcomings in the escalation of whistleblowing reports in October 2025.

Trust, integrity and effective oversight are fundamental to Lloyd’s.

Charles Roxburgh, Lloyd’s

According to The Wall Street Journal, these concerns resulted in Neal no longer being considered for the role of president of AIG. 

In November, the US insurer’s SEC filing stated Neal would not be taking the role due to “personal reasons.” 

When announcing he was leaving Lloyd’s at the start of 2025, he had initially been heading for Aon, before announcing in July that he was headed for AIG instead.

Lloyd’s current chair Charles Roxburgh deemed the failures a potential governance issue and notified the Financial Conduct Authority in line with regulatory requirements.

An expanded investigation was launched in November 2025 after Roxburgh became aware of new information relating to the alleged personal relationship between Neal and Clement.

Nearly 40 witnesses were interviewed, although Lloyd’s said its investigation was hampered because both individuals had left the organisation.

Neal declined to provide access to his mobile phone and both declined to answer questions about the nature of their relationship after leaving Lloyd’s.

The remuneration committee also concluded that, had Neal retained any unvested variable pay, his conduct would have justified cancelling part of those awards.

Lloyd’s noted Neal forfeited all unvested remuneration when he resigned.

Following publication of the findings of Lloyd’s investigation, Clement has criticised the handling of the probe and said she is considering legal action against the Corporation.

Shah Qureshi, employment law partner at Irwin Mitchell, representing Clement, said she was “hugely disappointed” with the process, arguing that Lloyd’s had found against her based on “perception” arising from “rumour, gossip and innuendo”. 

Changes at Lloyd’s

Alongside publishing the findings, Lloyd’s outlined a series of governance reforms introduced under Roxburgh, including stronger council oversight, revised committee structures, enhanced disclosure requirements, a duty of candour for the CEO, tighter conflict management procedures and strengthened whistleblowing escalation processes.

The corporation is also updating its Code of Conduct to include clearer guidance on personal relationships at work and the use of social media.

Roxburgh said: “Trust, integrity and effective oversight are fundamental to Lloyd’s. Based on the findings of this investigation, we have concluded that the conduct of the former chief executive fell significantly below the standards expected of him.

“It also established serious failings in the governance standards and in following processes, most worryingly in the handling of whistleblowing reports. These were serious failures that should never have been allowed to happen.”

“These findings underline the importance of robust governance structures and processes. Where standards were not best-in-class, we have put that right. However, governance can only ever be part of the answer.

“Culture and personal accountability also play a vital role. That is why the Council of Lloyd’s is unequivocal about the behaviour we expect from everyone, at every level, at the Corporation of Lloyd’s.”