The London Platinum and Palladium Market (the “LPPM”), through its Responsible Sourcing Review Committee (the “RSRC”), announced the publication of Version 5 of its Responsible Platinum / Palladium Guidance (the “Guidance”) in November 2024.
This Version 5 of the Guidance (known as “RPG5”) became mandatory for members of the LPPM Good Delivery and Sponge Accreditation Lists (each a “Refiner List”) in January 2026. Following feedback from Refiners and Assurance Providers, the RSRC announced that calendar 2026 would represent a ‘Transition Year’, from reporting under Version 4, to reporting under Version 5 (“RPG5”) and that all members of the Refiner Lists must be reporting under RPG5 from 1 January 2027.
Notwithstanding the institution of the transition year, the RSRC has also received feedback from Refiners and Assurance Providers, seeking clarification of some issues and of the coverage of certain matters, in the Guidance. In response to this feedback, the RSRC has published a revamped Version 5 of the Guidance, called ‘Version 5.1’ (RPG5.1)
The aims, scope and purpose of the Guidance have changed very little with the introduction of RPG5.1. Here is a synopsis of the changes that the RSRC has made:
- Changed almost all uses of the word 'should' to 'must'.
- Made an addition under 'Scope' (Page 3) to capture all metal handled by a Refiner.
- Added a definition of “Transaction” (Page 9).
- Deleted 'unauthorised' with reference to sourcing from World Heritage Sites.
- The passage on "Policy Statement on theft of PGM-containing materials." (Page 15), has been changed to incorporate the requirement for Refiners to ‘comply or explain’ their decision on the anti-theft statement.
- Added a ninth category of Material (‘Mixed Industrial Residues’) to the list of required components for the Countries of Origin Annex. This list now constitutes Table ‘A’ of Appendix 1; the example Table constitutes Table ‘B’.
As always, the RSRC’s intention, in publishing these amendments, is to further the cause of ‘continuous improvement’ of the PGM Industry’s Supply Chain Management policies, systems and practices. The RSRC does not believe that these clarifications will make compliance with its Programme more difficult but will further enable Refiners and Assurance Providers to demonstrate the progress being made by the industry, in addressing the challenges it faces.
From 1st January 2027, the RSRC will assess all Assurance Engagements and Assurance Reports, including those referring to ‘Version 5’, or ‘RPG5’, against Version 5.1. Assurance Reports referring to ‘Version 4’, ‘RPPG4’, etc. will not be acceptable, from that date.