The UK-based subsidiary of Abu-Dhabi-headquartered ADSS has expanded its directors line up. According to a UK Companies House filing, the company welcomes long-time financial industry veteran Lesley Kumar to its board.
The London-based company is beefing up its management team at a time when the industry is facing a raft of compliance challenges.
FX Global Code of Conduct
The implementation of the Global Code of Conduct for financial institutions has been a major theme in the industry over the past 18 months. Kumar joins ADSS as a key person with knowledge of the compliance side of the market.
While working at Bank of America for almost 17 years, Kumar’s experience has been focused on the legal governance of the industry.
Her last role at the bank which she left at the beginning of 2017, was that of Regional Head of Compliance. Before joining Bank of America, Kumar spent a number of years at Swedish private banking firm, SEB.
As major financial institutions are adopting the recommendations outlined in the Global Code of Conduct, the adherence principle trickles down to smaller market participants.
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The start of the process has been triggered by the central banks. They have effectively committed not to do business with financial institutions which forego adherence to the code.
After the implementation of MiFID II and GDPR this year, The FX Global Code of Conduct is next on the list of compliance challenges for firms from the industry.
While the adherence to the code is voluntary, an adequate understanding of the principles behind the document is at the core of becoming compliant with the recommendations outlined in it. ADSS has been boosting its legal team throughout the year.
ADSS UK Board
After getting approval from the FCA to join the company as a Non-Executive director, Kumar joins Philippe Ghanem, Christopher Hansen, Bachir Rabbat, and CEO Paul Webb on the company’s board.
The Abu-Dhabi-headquartered company has earlier this year undertaken a rebranding effort. The firm rebranded from ADS Securities to ADSS in June.