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Archived stories from 2007

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Disclosure rules cause delays in market

The London Market has been hit by delays following the implementation of new broker disclosure rules. Long queues have developed at insurance offices and at Lloyd?s boxes as brokers grapple with a market led solution over disclosure. These include compulsory strip searches, internal examinations, and the use of X-ray machines. In addition, brokers are only allowed to take clear plastic briefcases into underwriting offices.

It's not dress down Friday
- it's a broker

Some brokers have refused to remove their pin-striped suits on religious grounds and one broker took his employer to court. However, the court ruled that being a London market broker was not technically a religion, despite the market?s adherence to ancient rituals and beliefs. ?If underwriters or clients cannot see your naked body, how can they trust you to be honest and fair in business transactions?? asked the judge, Jake Straw.

Other brokers have embraced the move and are reported to be hiring Page Three girls, pole dancers and male strippers in an attempt to win new clients. ?No-one wants to see a fat, naked, middle aged broker striding into their office. But a fit, stacked totty or a toned, six-packed hunk ? now that?s the way to get business placed,? said Dave Unpeecee, of Glamour Broking.

However, the emphasis on disclosure is causing long delays and many policies have had to be cancelled at the last minute. Checking in policies can take brokers as long as five hours. ?It?s not the embarrassment of having to strip off in front of a room full of fully dressed underwriters that bothers me, as I am a naturist at the weekends,? said Steve Grabber, a well-known broker and exhibitionist. ?It?s the bloody queues. It?s playing havoc with my luncheon schedule and the Wednesday afternoon golf has petered out completely.?


Other news from Jan 2007
 
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