Lloyd’s of London has ruled that its former boss John Neal breached compliance rules by failing to disclose a “close relationship” with a female colleague that risked triggering conflict of interest concerns at the insurance market.

An investigation by the Council of Lloyd’s, which is responsible for the market’s management and supervision, said it could not find any “conclusive evidence” Neal was romantically involved with the company’s then corporate affairs director, nor that there were any process failures relating to her promotion during Neal’s tenure.