It's a policy which I think is misguided, and is a deterrent to attracting experienced pilots, especially experienced jet captains. And where I fly, there is some correlation between stripes and past experience, so it's not a question that needs to be asked. The people I know who swallowed their pride and swapped 4 for 2 BA stripes, found it an irritating time, with much lip biting required. Another colleague who had to make the same 'double demotion' to go to KLM decided not to go. I used to fly with many ex BA captains, and on avergage, found their deep down CRM poor - patronising, verging on autocratic, though superficially genial. Admittedly, that was many years ago though.