Paul Wilmott

In 2015, Paul posed as a potential donor to the United Kingdom Conservative, Labour and Liberal Democrat parties in order to expose wrongdoing in the election. He suggested he was willing to donate £50,000 to each party. In the course of the investigation he met all three party leaders, met four cabinet ministers and two shadow cabinet ministers.

Reflecting his concerns, in 2009 Wilmott and fellow quant Emanuel Derman co-authored the Financial Modelers' Manifesto, which lays out a series of principles for more responsibility in risk management and quantitative finance

In 2008, he expressed his frustration in the lack of progress made in adopting more appropriate models: "I don't like the assumptions, the models, the implications… Banks and hedge funds employ mathematicians with no financial-market experience to build models that no one is testing scientifically for use in situations where they were not intended by traders who don’t understand them. And people are surprised by the losses!"

Writing six months before the depths of the 2008 financial crisis, he stated: "I predict that things are going to get even worse".

Wilmott is a vocal and long-standing critic of the use of mathematical models in finance by quants. In a paper published by the Royal Society in 2000, he stated that "It is clear that a major rethink is desperately required if the world is to avoid a mathematician-led market meltdown… The underlying assumptions in the models, such as the importance of the normal distribution, the elimination of risk, measurable correlations, etc., are incorrect".

One of two sons of an accountant and an entrepreneurial mother, Wilmott attended grammar school in Birkenhead, and read mathematics at St Catherine's College, Oxford. He stayed on to get a DPhil in fluid mechanics in 1985.

Paul Wilmott (born 8 November 1959) is an English researcher, consultant and lecturer in quantitative finance. He is best known as the author of various academic and practitioner texts on risk and derivatives, for Wilmott magazine and Wilmott.com, a quantitative finance portal, and for his prescient warnings about the misuse of mathematics in finance.