July 13, 2016

Dr Paul Fisher to be the new LBMA chairman

Effective from 5 September

The LBMA is delighted to announce the appointment of Dr Paul Fisher as the new Chairman of the Association, effective from 5 September, 2016. Paul is due to retire from the Bank of England at the end of July.

Grant Angwin, President of Asahi Refining, will step down following two and a half years of service. For the remainder of 2016, Grant will continue to work alongside Paul as a Co-Chairman to provide support and continuity for the market. Full Member representatives on the Board will stand for election (or re-election) at the AGM on 27 September.

As the LBMA’s first Non-Executive Director Chairman, Paul brings with him a wealth of financial market experience following his 26 years at the Bank of England. Prior to joining the LBMA, his last role was as Deputy Head of the Prudential Regulation Authority. Paul was selected by the LBMA Board following an independent Executive search procedure.

Grant Angwin commented "On behalf of the entire Board, I am delighted to welcome Paul to the Association. His appointment strengthens the governance of the LBMA and brings deep financial market experience to the Board."

Ruth Crowell, Chief Executive of the LBMA added

“Paul’s appointment marks an exciting new chapter for the LBMA. I would also like to take the opportunity to extend my thanks to Grant Angwin for his significant contribution during his tenure as Chairman.”

Dr Paul Fisher - Background

After a 10 year academic career, Dr Paul Fisher has been a senior figure at the Bank of England for 26 years, retiring at the end of July 2016. He was a member of the Monetary Policy Committee for five years, the interim Financial Policy Committee for two years and the PRA Board for six months. During the Great Financial Crisis he worked in the Markets Area of the Bank, from March 2009 as Executive Director responsible, amongst other things, for the Bank’s programme of asset purchases for quantitative easing, and introducing the Funding for Lending Scheme - as well as routine management of the UK’s foreign currency reserves and the Bank of England’s balance sheet more broadly.

Previously, from 2002, he ran the Bank’s Foreign Exchange Division where he had a constructive relationship with the LBMA and developed a working knowledge of the bullion market.

In June 2014 he was appointed Deputy Head of the Prudential Regulation Authority and has been writing on matters of financial stability, policy co-ordination and governance, competition policy, supervision and regulation. This period also included a spell of eight months as Executive Director for Insurance Supervision and he was also responsible for co-ordinating the Bank’s work on climate change.

Among a range of outside positions he currently chairs the board of trustees at the ifs University College, soon to be the London Institute of Banking and Finance and he is a visiting professor in economics and finance at Richmond University, the American International University in London.

For further information please contact:
Aelred Connelly
PR Officer
Tel: +44 (0)20 7796 3067