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It is the world’s largest and oldest insurance market. The marketplace where insurance buyers and sellers come together. I’m talking about Lloyd’s of London. An environment where because of the formal dress code you cannot just show up in your jeans. The only question is for how long…
Is Lloyd’s of London saying goodbye to the formal dress code?
Anyone visiting Lloyd’s of London for the first time will first need to grab a map. The enormous building, the towers, and the different floors ensure you need to prepare. And that includes the dress code. It is something that the insurance market clearly values. Because you will immediately notice the rules regarding clothing. Men must wear a suit or may opt for a neat jacket and trousers, including a tie. Ladies are expected to wear smart business clothing.
The dress code has been in place since its foundation in 1686, but times are changing. The rule regarding ties is not always strictly adhered to, since 2018 the organization has become more flexible about this. Yet Lloyds is still known for its strict dress code, and not everyone agrees. A group of brokers based in Lloyd’s of London have called for these rules to be relaxed. They find the current rules oppressive and out of date.
Christopher Croft, CEO of the London & International Insurance Brokers Association(LIIBA),believes the corona crisis has changed the way we do business. “There must be an end to long queues for brokers at Lloyd’s for simple policy approvals, dress codes, and the need to be in the office full time,” said Croft.
Casual at Lloyd’s of London
Although Lloyd’s of London has not yet responded to the call, people expect the dress code rules will be relaxed. With the tolerance of the tieless suit, the organization has already shown that they are willing to go along with the global trend for a more casual look. Since they do business in 200 countries and the casual dress code is being implemented in more and more countries, there is no escaping it. You don’t want to be overdressed in a world where you do business. You want to be taken seriously, and that means you have to move with the times.
When the rules ease up, I am curious how Lloyd’s of London will implement them. Like Goldman Sachs in 2019, will they drop the rules and hope that people will use their common sense regarding what they can and cannot wear? Or will they replace the list detailing what you should wear with a list of what you should not wear? I expect the latter. In an environment where people place so much value on formal clothing, chances are they will not release the reins immediately. When there is more information about changes in the dress code, I will of course let you know.