Here's a question to ask your security policy people, to see whether their recommendations are actually risk based or just "best guesses"...
"Have you updated the minimum password length/complexity requirements due to recent advances in password cracking speeds?"
I was reading a couple of posts on the Red Database Security blog (here and here, and it occurred to me that despite the increases that have been made in password cracking speeds over the last couple of years, I've not seen a lot of movement in minimum password length/strength requirements to go along with it...
Obviously password policies should be tailored to mitigate the threats to the systems they protect and the primary risk that long passwords mitigate is an offline attack where the attacker has access to the encrypted password. (the more common online brute-force is better mitigated by account lockout and security monitoring in most cases)
So if crackers are getting faster, passwords should obviously get longer...