Marsh brokers will not be slapped with "draconian" corporate hospitality rules, according to chief executive Bruce Carnegie-Brown.

He told Insurance Times that new ethical guidelines for business entertainment between its brokers and underwriters would not include any "monetary capping or constraints".

He said: "Of course our staff need guidelines but unlike our rivals, we will treat our staff like adults and we expect them to use their common sense.

"A day out for a round of golf I have no objection to. However, a week playing golf in Florida is unacceptable."

His comments quash market rumours that Marsh's business protocol rules would be far harsher than the restrictions applied by Aon and Willis on its brokers.

Marsh brokers will be able to accept "unsolicited" gifts up to the amount of $100 (£55) such as T-shirts, calendars and golf balls on a corporate golf day.

In May, Insurance Times broke the news that Aon staff would be allowed to spend only £53 for corporate entertaining. If the lunch or event exceeds this figure, the broker must pay for it themselves.

But the rules for Aon staff only relate to entertaining underwriters, as there are no restrictions when entertaining clients.