The former CEO of Lloyd’s of London breached the insurance market’s compliance rules after his relationship with a fellow director was deemed to be so close that it created “a perceived conflict of interest.”

John Neal’s relationship with former corporate affairs director Rebekah Clement was not disclosed as required under Lloyd’s global compliance policy, which meant the organization could not take steps to manage any potential conflict of interest.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...