LBMA Member Survey Report
Key Findings: A Summary
LBMA is performing well in terms of overall satisfaction levels, hitting 70%. This is up from 67% in the last in-depth survey. This attainment is compounded by 68% of Members asserting that membership “meets expectations to a large or very large extent.”
Furthermore, dissatisfaction has dropped down from 8% three years ago to just 2% today.
Feedback by Membership Type
Satisfaction with Service
Member satisfaction is generally high, but particularly so amongst Market Making (MM) Members and Affiliate Members.
The research reveals that a total of 40% of MMs are “quite satisfied” with the service they receive from LBMA, while 60% said they were the highest satisfaction rating of “extremely satisfied” (on a sliding scale from 5-1, with 5 as extremely satisfied, 3 as neutral, and 1 as not satisfied at all). Three years ago, 50% of MMs selected the “extremely satisfied” box, with a further 37.5% in the next satisfaction rating below.
Some 80% of Affiliate Members gave a rating of 4, “quite satisfied”, while 20% selected “neutral”. This is a notable improvement on the survey three years ago: then 17.9% identified as “extremely satisfied” and a further 35.7% rated themselves in the next category below, in addition 39.3% of Affiliates submitted a neutral rating of 3. A key action from the 2021 survey focused on upgrading this neutral Affiliate rating and it’s very pleasing to see this marked improvement in the Affiliate Member view on the service they receive from LBMA.
Full Members identified as a total of 67.4% satisfied – 24.7% “extremely satisfied” and 42.7% in the next satisfaction rating below. This is broadly in line with the previous survey and highlights that we have some work to do, particularly with the 29.2% of Full Members who gave a neutral rating of 3. Importantly, there is very little dissatisfaction, with just 2.2% being “quite dissatisfied” and 1.1% being “extremely dissatisfied”. The aim this year is to work on translating that neutral view into a positive through more engagement and dialogue.
Membership Expectations
When asked to what extent membership of LBMA meets expectations, results were also mixed, but a similar pattern emerges.
60% of the Market Making Members who took part reported that membership meets their expectations “to a very large extent” (a rating of 5), while 40% said it meets expectations “to a large extent” (a 4).
16.9% of Full Members agree membership meets their expectations to “a very large extent”, with 48.3% selecting the next agreement level. 29.2% are neutral. Some 5.0% of Affiliate Members agree “to a very large extent” and 65.0% agree to the next level down, while 25% were neutral.
In terms of membership benefits, most desirable were engaging with other Members (78%), helping to raise standards and develop the market (76%) and growing networks with knowledge, partnerships and expertise (76%).
