LEX Greensill enjoyed an “extraordinarily privileged” relationship with government and David Cameron “could have been clearer” about his relationship with the financier’s firm, a review has found.

The long-awaited report about Greensill Capital, the collapsed financial company that the former prime minister lobbied ministers for, was published today.

Boris Johnson commissioned lawyer Nigel Boardman to carry out the review amid widespread criticism of Cameron’s lobbying activities.

The report, totalling 141 pages, says: “It is clear from the evidence that I have reviewed that Mr Greensill had a privileged – and sometimes extraordinarily privileged – relationship with government.”

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Boardman concludes that Cameron, the former Conservative Party leader, “did not breach the current lobbying rules and his actions were not unlawful”.

But the report added that “Mr Cameron could have been clearer about his relationship with Greensill Capital” in his communications with the Treasury, the Bank of England and officials.

Cameron told Boardman that Greensill Capital was paying him “a good amount of money every year” and he had equity and participated in a discretionary uncapped bonus scheme.

The review says Lord Heywood, the late Cabinet secretary, was “primarily responsible” for Greensill securing a role in government, during Cameron’s premiership.

There was mention of Greensill’s appointment to the Cabinet Office’s economic and domestic secretariat being referred to an “approvals board”, to which Lord Heywood, who worked with the financier at Morgan Stanley, responded: “Sure – though it is bureaucracy gone mad!”

Greensill was given two sets of official IT and security access for the Cabinet Office and, with Lord Heywood’s support, No 10, the review says.

The role in government provided Greensill “with a marketing platform for Greensill Capital’s business with the private sector”.

The National: Financier Lex Greensill was given 'extraordinary' access to Downing StreetFinancier Lex Greensill was given 'extraordinary' access to Downing Street

“This enabled Mr Greensill to promote a product which did not, in fact, provide material benefits to government (except possibly in relation to the pharmacy supply chain finance programme, although even here the benefits are disputed), although it could have been of benefit to his incipient business and was of immediate benefit to his former employer, Citibank,” the report says.

Downing Street said it would respond to Boardman’s report“in due course” once it had considered its first-stage findings.

A spokesperson for the Prime Minister said: “Nigel Boardman has published his report this morning and the Prime Minster thanks Mr Boardman for all his work in examining the evidence, setting out his judgment on the facts.

“We will now consider the report carefully and will respond in due course.”

Asked what the Prime Minister made of the report’s findings, including that Lex Greensill had “extraordinarily privileged” access to government, his spokesperson said: “I think it is important we take time to study this report in full.

“You’ll be aware that this is stage one of the report and the terms of reference set out that the review will be conducted in two stages.

“Stage one is a report into the facts and stage two is a report into findings and any recommendations in light of those facts.”

Meanwhile, Cameron welcomed the review saying it “provides further confirmation that I broke no rules”.

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In a statement, the former prime minister said: “I am pleased that the report provides further confirmation that I broke no rules. It also makes plain that I was not responsible for bringing Lex Greensill into Government or any of the arrangements connected to this.

“I have said all along that there are lessons to be learnt, and I agree on the need for more formal lines of communication.

“I was open about my relationship with Greensill Capital, and acknowledge the importance of being explicit in this regard.

“It is welcome that updated guidance on how former ministers engage with the Government is to be considered.”