LBMA Member Survey Report
Executive Summary
LBMA has published the results of its Member survey, which revealed that Member satisfaction has climbed to 70% – an improvement from 67% in the last in-depth Member survey in 2021 – and dissatisfaction has dropped from 8% three years ago to just 2% today. These results are a testament to LBMA’s unwavering focus on improvement. Furthermore, 80% of respondents agreed that LBMA’s new strategic partnerships pillar is a key priority for the market.
This extensive qualitative and quantitative research, conducted by an independent research consultancy, sought to understand sentiment towards LBMA, its new Three-Year Strategy and overall membership offering. It also aimed to garner feedback on the quality of benefits associated with LBMA membership, as well as LBMA’s publications, events, and other tactical communications.
Feedback from Members, Refiners and Subscribers across many membership types and regions was included, which involved an online survey and confidential interviews undertaken by a third party. This ensured the feedback was anonymous, confidential and uncensored.
“Once again reaching out to Members, Refiners and other key stakeholders is an essential part of LBMA’s transparency and integrity. We are always keen to hear meaningful feedback and give our Members a say in the future direction of LBMA, and the independent survey is a fantastic way to do just that,” said Ruth Crowell, LBMA CEO.
“Responses relating to our new Three-Year Strategy are also encouraging. Members shared exciting feedback about how stronger partnerships could transform the industry, from improving supply chain connectivity to unlocking new opportunities. We remain committed to reaching our Member Satisfaction goal of 75% and we are looking forward to building on our ‘strategic partnerships’ to help us achieve this.”
Measurement
The aim of the survey was to build on a set of key metrics, including the Member Satisfaction rate, against which we can benchmark progress throughout the next few years as we continue to strive to advance global standards across the precious metals industry.
The survey was also an opportunity for LBMA to explore sentiment towards its next Three-Year Strategy, and to hold itself accountable to Members and stakeholders, ensuring the highest levels of leadership, integrity and transparency for the industry.
We received a total of 133 completed online survey responses from LBMA Members, Refiners and Subscribers – up from 127 in the last in-depth survey in 2021. Of those 133, 52% stemmed from financial sectors, 42% from mints and refineries, 5% from transportation/logistics and 6% from security.
Twenty in-depth interviews were also held with key industry stakeholders from inside and outside the membership.
Why This Survey Is Important
LBMA plays a unique role as the global authority for the wholesale precious metals market, setting and maintaining the highest industry standards to uphold trust, integrity, and transparency. Through its oversight of the Good Delivery List (GDL), Gold Bar Integrity (GBI), and responsible sourcing initiatives, LBMA ensures market participants operate within a robust framework that supports both financial and physical market confidence.
However, LBMA’s role extends beyond standard setting. It serves as a central point of engagement for Members, regulators, and industry stakeholders, facilitating alignment on key issues such as market transparency, sustainability, and financial market integrity, including gold’s recognition as a High-Quality Liquid Asset (HQLA).
The 2024 Member Survey has reinforced the need for stronger engagement, greater visibility in governance, and clearer communication on LBMA’s strategic direction. Members have called for enhanced outreach beyond London, a more structured approach to involvement in decision-making, and further clarity on how LBMA initiatives support the market’s long-term needs.
LBMA’s Action Plan – outlined later in this report – responds directly to these concerns, ensuring that its role continues to evolve in line with Member priorities, market developments, and global regulatory expectations.