Chip's problem is that he can't say no to beautiful women. This weakness gets him into a world of trouble when he agrees to help his girlfriend steal $68,000.
The crooks in London know how it works. No one carries guns and no one resists the police. Then a new gang appears that go one better. They dress as police and steal from the crooks. This upsets the natural order of the police/criminal relationship and the police and the crooks join forces to catch the IPOs (Impersonating Police Officers), including an armoured car robbery in which the police must help the gangs to set a trap.