Regulation NewsMarch 30, 2026Umicore SA Business Unit Precious Metals Refining (Umicore) - Conclusion of Incident Review ProcessThe Incident Review Process (IRP) of Umicore has been closed and Umicore

LBMA has closed its Incident Review Process on Umicore SA’s precious metals refining business after a повтор review found no zero-tolerance non-conformances in either FY2024 or FY2025 assurance work. A separate assurance provider, Arche Advisors, was brought in to repeat the FY2024 engagement and perform FY2025; Umicore remains on the Good Delivery List as a gold and silver refiner. The issue originated from LBMA quality control of FY2024 independent assurance deliverables, which had flagged concerns over the original assurance provider’s challenge of risk classification. The rework by Arche Advisors cleared the refinery, removing the compliance overhang and confirming its status in the London bullion market. For desks, the immediate market implication is limited, but the closure reduces headline risk around a major Good Delivery refiner and reinforces LBMA’s enforcement process on refinery assurance standards. The key takeaway is that Umicore’s status is intact, so there is no direct supply-chain disruption signal for gold or silver bars in London from this review.