Latest news with #SMCR
The Guardian
02-07-2025
- Business
- The Guardian
UK financial watchdog expands bullying rules to 37,000 City firms
The UK's financial watchdog is expanding bullying and harassment rules to more than 37,000 City firms, in an effort to crack down on 'rolling bad apples' who avoid consequences by hopping from firm to firm. It means that 'serious, substantiated cases of poor personal behaviour' by senior managers at a range of firms including hedge funds, insurers and pension firms will have to be reported to the Financial Conduct Authority (FCA), as well as future employers who are assessing whether new hires are fit and proper for the job. Previously, only banks were required to report bad behaviour to the watchdog. The rules will now apply to tens of thousands of other firms across the City that are bound by the so-called senior managers and certification regime (SM&CR) that is meant to hold senior bosses accountable for wrongdoing at their firms. The regulator said the expanded rules would help 'prevent 'rolling bad apples' – people moving from firm to firm without appropriate action being taken or without past serious non-financial misconduct being disclosed'. Sarah Pritchard, the FCA's deputy chief executive, said: 'Too often when we see problems in the market, there are cultural failings in firms. Behaviour like bullying or harassment going unchallenged is one of the reddest flags – a culture where this occurs can raise questions about a firm's decision-making and risk management. 'Our new rules will help drive consistency across industry and support the vast majority of firms that want to do the right thing to deepen trust in financial services.' The expanded rules on non-financial misconduct, which also cover racism, sexual harassment and violence and intimidation, will come into force on 1 September 2026. However, they will not apply to payments and e-money firms, regulated investment exchanges or credit ratings agencies, none of which are subject to SM&CR rules. The FCA recently won a tribunal challenge brought by the former Barclays boss Jes Staley, with judges upholding a lifetime ban against the former chief executive for misleading the regulator over the nature of his relationship with the convicted child sex offender Jeffrey Epstein and their last point of contact. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The new rules come despite the FCA and fellow regulators facing mounting pressure from the government to slash red tape for businesses.
Indian Express
27-06-2025
- Indian Express
‘Given Rs 600 to split between 8 people': Jharkhand men stranded in UAE with no pay for 3 months'
For Charuman Mahto, the last few weeks have been trying. The company that they are employed with in the United Arab Emirates hasn't paid him in weeks, he doesn't have enough money to afford food and rent and now, he faces the additional threat of homelessness after their landlord has threatened to throw them out. Charuman is among 15 migrant workers from Jharkhand's Hazaribagh and Giridih districts who have been left stranded in Hamim in the outskirts of UAE's Abu Dhabi after their Hyderabad-based utility company stopped paying them three months ago. With no money for rent, utilities or even food, the workers, who were hired to lay transmission lines, have now appealed to the central and state governments here to help them return home. The group went to Abu Dhabi's in January 2024. 'While hiring us two years ago, the contractor, Tirupati Reddy, told us that the company has been working there for over 10 years and is trustworthy,' Charuman, who's previously worked in construction in Kazakhstan, Malaysia and Saudi Arabia, said. 'The contractor promised to pay us around 1,700 dirhams (approximately Rs 40,000) a month, and we were issued visas and told to pay for flight tickets. We weren't required to pay for rent or electricity, which the company took care of. However, for the past three months, we haven't received any pay.' Calls and texts to contractor Tirupati Reddy and the company's supervisor went unanswered. With the company not paying for rent and utilities, their landlord has cut their water connection and has threatened to evict them from the two-room house they share in Hamim, the workers claim. 'This is the only work we know,' Arjun Mahto, a 28-year-old Bishnugarh, said. 'But these past three months have been extremely difficult. Sometimes, the contractor would give us Rs 600 to divide between eight people. And now the landlord's ultimatum. We even begged him to let us stay a little longer.' 'The heat here is unbearable. We won't be able to live outdoors once we're forced to leave. Our families back home are worried and are waiting for us to return,' another worker, 40-year-old Bishnu Mahto, said, adding: 'Some Bangladeshi workers are helping us in whatever way they can.' The workers eventually got in touch with Sikandar Ali, a migrant rights activist. 'We are constantly following up with the authorities and will continue to urge the government to take immediate action. Everyone is trying to help in their capacity — sending letters, giving updates to the families,' Ali said. Shikha Lakra, head of the Jharkhand's State Migrant Control Room (SMCR) – the migrant helpline under the state's department of labour — said the Chief Minister's Office (CMO) had asked them to look into the issue 'urgently'. 'We are working to bring the workers back safely in coordination with the Ministry of External Affairs and the Indian Embassy in Dubai,' she said. Meanwhile, despite their plight, the migrant workers said they will continue to look for work abroad. 'Foreign companies generally pay well, which helps us save and send money home. We used to send up to 1,400 dirhams and keep the rest with us,' Charuman said. Shubham Tigga hails from Chhattisgarh and studied journalism at the Asian College of Journalism. He previously reported in Chhattisgarh on Indigenous issues and is deeply interested in covering socio-political, human rights, and environmental issues in mainland and NE India. Presently based in Pune, he reports on civil aviation, other transport sectors, urban mobility, the gig economy, commercial matters, and workers' unions. You can reach out to him on LinkedIn ... Read More
NZ Autocar
25-05-2025
- Automotive
- NZ Autocar
KTM secures its future with investment by partner Bajaj
The KTM AG board has announced that the company has expanded its relationship with its long-standing partner Bajaj. It has also secured Bajaj as its main investor. Gottfried Neumeister (above) CEO, KTM AG stated: 'Today we have been given the opportunity to continue the history of KTM. 'Together with our long-standing partner Bajaj, we were able to work out a strategy that will enable us to raise a further 600 million euros for our new start in addition to the 200 million euros already made available. 'The existing sites – in particular our main plant in Mattighofen/Munderfing – will remain the basis for our future success. This means that we will continue to be an important employer for the entire region. 'In view of this new, second opportunity, we at KTM feel deep gratitude and humility towards all those within and outside our group of companies who have made it possible. 'I would also like to take this opportunity to thank Stefan Pierer on behalf of all those who have accompanied us along the way. He laid the foundation for one of the world's best-known motorcycle brands, which has a unique community.' As part of its rejuvenation, KTM is about to release details of its new 390 line-up that includes the SMC R, 390 Enduro R, and 390 Adventure R. KTM is also launching the Orange Blood campaign. The company has invited passionate KTM owners and riders like to join the Orange Board. These riders will bring their experience, insights and passion to the table to help shape the future of KTM. Over 5000 applied and applications are now closed. In June, KTM will reveal the 15 selected members who will head to Austria this summer. They will have exclusive access behind the scenes, meet the KTM crew, and 'work with us to drive what's next.'
