Option for password policy management

[kirito73]

Currently the only the default password policy is allowed which is:
"Password should be at least 8 characters long and contain at least one uppercase letter, one lowercase letter, one digit, and one special character."

Can we get an option to edit this policy. For example make it 14 character long, set it expire every 60 days, not allowing reuse of last 5 used passwords etc.