The London Bullion Market Association (LBMA) has launched a revised version of the Global Precious Metals Code, which sets out the minimum standards and best practice expected from market participants.
During 2022, a working group reviewed the original version of the Code, which was first published in 2017. The group considered matters such as remote working; diversity and inclusion; environmental, social and governance; financial and market board standards; and responsible sourcing guidelines. The group also worked to harmonise language and terminologies.
The Code is a set of global principles of best practice, which has been developed to promote the integrity of the wholesale precious metals market. It is intended to promote a fair and transparent market and ensure acceptable standards of behaviour.
The LBMA has thanked the working group and all who responded to two public consultations, whose input was significant. The association will now seek recognition from the FCA, and has asked all members of the LBMA and the London Platinum and Palladium Market (LPPM) to attest to the updated version by the end of 2023. Non-members who participate in the precious metals market are also welcome to attest where possible.
Read the full report here.