City of London Corporation insiders have called for the overhaul of the secretive process to elect London’s lord mayor following the slim victory of Nick Lyons, chair of FTSE 100 insurer Phoenix, in the latest contest for the role.

Lyons was elected as London’s lord mayor for 2022 on 6 July in a closed-doors vote by the City of London Corporation's Court of Aldermen following a controversial election campaign.