Silence from brokers as Lloyd's reopens investigation into former CEO

Jennifer Smith ; 2025-11-28 14:02:42

A major Lloyd's investigation has drawn global attention - but brokers remain noticeably quiet

Insurance News

By Bryony Garlick

Dec 02, 2025Share

Lloyd’s of London is under renewed scrutiny after reopening an investigation into the alleged promotion of a senior employee said to be in a relationship with its former chief executive, John Neal. The decision follows concerns that an earlier internal review did not fully address the matter. The consequences have already extended internationally: American International Group withdrew a senior job offer to Neal after learning of the probe, highlighting the weight global insurers place on governance concerns at the market.

The developments come after years of cultural reform efforts at Lloyd’s, including initiatives launched following a 2019 Bloomberg report into misconduct within the market. Yet even Neal acknowledged the pace of change in a 2022 discussion on diversity and inclusion, saying: “Does it feel different on the ground, or in the room? I’m not sure it does yet.” He also warned that “talk without action isn’t enough” and emphasized the need for “leadership accountability.”

Three years later, those comments are being tested.

Despite the significance of the investigation, brokers, central to Lloyd’s daily operations, have been reluctant to speak publicly. Unlike previous regulatory developments, the latest controversy has generated little visible reaction on LinkedIn or other platforms. The online debate that emerged around the FCA’s recent decision to classify bullying, harassment and violence as conduct breaches did not materialize when the Lloyd’s probe was revealed.

Industry legacy

Several brokers who had been vocal about workplace conduct issues in general declined to comment on the record when contacted for this article. One responded: “we’ll let others comment on this situation.” Another said it was “probably safe to steer clear.”

One female insurance professional, speaking anonymously, said the hesitation reflects longstanding market dynamics. “When women were first allowed on the floor at Lloyd’s in 1973, it still had echoes of ‘this is how we’ve always done things’. Before that, women working in insurance had to communicate through a male intermediary. So there’s a legacy in the industry - a gender and power imbalance that goes with that.”

Absence of reports doesn’t mean absence of harm

Others warn that silence risks undermining cultural progress. Compliance expert Branko Bjelobaba said the issues highlighted by the investigation fall squarely within the concerns regulators are already addressing. “I regularly explore how non-financial misconduct is coming under sharper scrutiny from the FCA (and the government with the impending ban on NDAs),” he said. “The FCA wants to see great culture in firms and boards are expected to act and not just when the headlines hit - not when it becomes topical, but right now.”

He added that engagement across the market remains inconsistent. “How many men attend these sessions? Not nearly enough,” he said, warning that silence can mask ongoing issues: “It’s not about me… Is it safer to stay silent than risk causing offence? Absence of reports isn’t the same as absence of harm.”

Lloyd’s has said its leadership is committed to building a culture that is “inclusive, transparent, consistent and values-led”. But the reopening of the Neal investigation has renewed questions about the effectiveness of those efforts, and whether cultural change can take hold when so few are willing to discuss the most sensitive issues publicly.