Venerable insurance market Lloyd’s of London confirmed today that it has relaxed the once-strict dress code for its underwriting room.
Previously not wearing a tie or a jacket would have been enough to have someone ejected.
However, this policy has been relaxed as Lloyd’s looks to move with the times.
A spokesperson said: “Generally accepted dress code in the City is changing and has been for some time.”
Under the current policy underwriters are allowed in if they are displaying a “generally accepted City standard of dress”.
The spokesperson said: “That can be interpreted in any number of ways, but the policy on the door has been to loosen the enforcement of ties and jackets and that sort of thing.”
The move follows a ban on booze for staff at Lloyd’s which was introduced last year.
Lloyd’s is not the first City institution to relax previously formal dress codes.
Last year Goldman Sachs decided to let its tech employees ditch suits and ties but warned they should "exercise judgement in determining when to adapt to business attire".
JP Morgan has also adopted a "business casual" look, although stressed that staff should still dress to impress in cases of client necessity.
Even MPs in the House of Commons are now allowed to attend the chamber tie-less.