Pandemic leaves millions financially vulnerable: FCA

first_img Related news James Langton Keywords Pandemics,  Coronavirus,  Financial reliefCompanies Financial Conduct Authority “Since the start of the pandemic, the number of people experiencing low financial resilience or negative life events has grown,” said Nisha Arora, director of consumer and retail policy at the FCA, in a release.“The pain is not being shared equally with a higher than average proportion of younger and (racial minority) adults becoming vulnerable since March,” she noted.The FCA reported that the number of adults with excessive debt, low savings, erratic earnings and other forms of “low financial resilience,” jumped from 10.7 million to 14.2 million in 2020.At the same time, the regulator found that almost half ( 48%) of adults have not been affected financially by Covid-19, and that 14% have seen their financial situation improve during the pandemic.“Vulnerability remains a key focus for the FCA, and has been brought into sharp relief by the pandemic. We continue to work with the wider financial services sector, including businesses, regulators and government to support and protect consumers. We expect to finalise our guidance on how firms should treat vulnerable customers shortly,” Arora said. Share this article and your comments with peers on social media Fed keeps key rate near zero, sees inflation as ‘transitory’ stressed young couple worries about their finances ocusfoucus/123RF Regulators aim to root out pandemic-driven liquidity issues Facebook LinkedIn Twitter The disruptive economic effects of the Covid-19 pandemic has pushed millions of people in the U.K. into financially vulnerable situations, according to new research from the U.K.’s Financial Conduct Authority (FCA).The latest edition of a survey by the FCA finds that 27.7 million adults in the U.K. are at greater risk of harm due to vulnerabilities such as low financial resilience and negative life events. This was up from 24 million prior to the pandemic. Singapore’s financial regulator invests in innovationlast_img read more

Council to discuss city challenges at weekend retreat

first_imgMobility:The city has opened a bus-only lane on Lincoln Boulevard to reduce travel time during the morning and afternoon commutes, encouraged more riders to abandon cash to pay for fares and completed an electric vehicle action plan to install more chargers around town.The city also held COAST 2017 as an open streets festival, provided about 318,000 bike trips through Breeze and held a monthly walk or ride with the Mayor to showcase local parks.Still, the city faces many challenges when it comes to reducing traffic and greenhouse gas emissions from cars. The Big Blue Bus lost 12 percent of its overall ridership in fiscal year 2016-2017. The city’s goal of reducing traffic fatalities (Vision Zero) got off to a terrible start, with eight pedestrians and one cyclist killed in 2017. Even COAST, which the city frames as a way to promote biking and walking saw attendance decline 20 percent in its second year. HomeNewsCouncil to discuss city challenges at weekend retreat Apr. 20, 2018 at 5:01 amNewsCouncil to discuss city challenges at weekend retreatKate Cagle3 years agocity councilCity Hallcity of santa monicadaily pressNewsSanta Monicasanta monica daily presssanta monica newsSanta Monica Civic Auditorium (File photo) The City Council plans to have a strategic and broad-based conversation this weekend during an annual retreat at Virginia Avenue Park. The conversation will focus on how to apply new technologies to “transform service experiences” and fix problems without hiring more city staff.“Like other traditional industries facing disruption in recent times (Newspapers, record companies, automobiles, travel agents, etc) we must re-examine every aspect of our operating model or face brutal choices down the road,” says the staff report from City Manager Rick Cole’s office.In 2015 the Council adopted five strategic goals to focus their attention on key issues including mobility, maintaining an inclusive and diverse community, the Santa Monica Airport, homelessness, and education. Starting this year, a strategic goal team will publish a performance report every fall to track metrics and milestones.Cole’s office issued a report this week tracking achievements for each of the goals. Inclusive and diverse community:The city has completed an initial inventory of services and programs for low and moderate income residents to try to identify service gaps. Last year, 39 long-term affordable units were constructed. The city is currently tracking data from the American Community Survey through SaMoState to reduce the projected decline in middle-class and poor residents.The staff report admits this is a difficult issue, concerning the recent real estate boom that has property values surging.“Without intervention, market forces, combined with the impacts of a variety of state laws, have the potential to transform Santa Monica from an economically diverse community to a community where only those with significant financial resources can afford to live,” the report said.In just the past year, home values in Santa Monica rose 8.4 percent to a median of $1.53 million. The median list price per square foot is more than double of the surrounding metro area, according to Zillow. The median rent price here is $5,100. Education:The city aims to ensure all children are on track for kindergarten, increase racial equity and help vulnerable youth and their families. This year, the Council increased the number of subsidized child care slots to serve an additional 10 children, up from 70 the year before. About 6,000 families have participated in Kindergarten Readiness and 16 local preschool and daycare providers have received additional training from Connections for Children. The city also broke ground on the Early Childhood Lab School, which will reserve 15 percent of spaces for low-income families when it opens fall 2020.The city’s effort to expand access to high-quality preschools met push back when a private school for 4-to-6-year-olds sought the permits to open on a street zoned for single-family homes in January. The neighborhood residents near Gandara Park claimed traffic and noise from the school would “destroy the fragility and peace that we hold onto desperately.” The head of the preschool, who ultimately prevailed, said she chose to open her school in the 90404 zip code because of the lack of options for low-income families.The City Council will discuss their goals this Saturday at a special meeting starting at 9 a.m. at Virginia Avenue Park, Thelma Terry Auditorium, 2200 Virginia Avenue. Homelessness:Late last year, the city launched a comprehensive plan to help pair people on the streets with local services, shelters or a bus ticket home. Police, Fire, and library employees have received additional training on how to best deal with homeless individuals. The city has also deployed a “C3” homeless outreach team to work with individuals in Santa Monica. More than 130 library patrons have been connected to social services through events at the Main Library and another 65 through an on-site social worker.The number of homeless individuals sleeping on Santa Monica streets increased 11 percent to 646 people, according to the 2018 Homeless Count numbers. The annual count found 311 homeless people in shelters and other institutions. There are more homeless people living in Santa Monica than at any other time since the city began keeping count nine years ago. Santa Monica Airport:In January 2017, the Council agreed to settle several cases with the Federal Aviation Administration and regain control of the airport in 2029. In the meantime, the city has shortened the runway to 3,500 feet in an effort to reduce jet traffic over Santa Monica neighborhoods. Sunset Park residents have complained for years about noise and pollution from SMO.The report says local control will help mitigate adverse health and safety impacts from airport operations and allow the city to ultimately convert the airport into a park.However, just months after reaching an agreement over the fate of SMO, the FAA launched the Southern California Metroplex, a modernization project that affected thousands of LAX flights over Santa Monica skies. Residents have complained the changes increased noise for those under the flight paths, and a city investigation found 28 percent of aircraft flew below the 7,000 feet minimum altitude. [email protected] :city councilCity Hallcity of santa monicadaily pressNewsSanta Monicasanta monica daily presssanta monica newsshare on Facebookshare on Twitteradd a commentKate CagleSenior ReporterSenior reporter for the Santa Monica Daily Pressview all postsSanta Monica High School students plan walkout and protest at Santa Monica City HallCity of Malibu to Hold Public Safety Town Hall Meeting To Discuss Alerts and Warning SystemsYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall10 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press21 hours agoNewsCouncil picks new City ManagerBrennon Dixson21 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter21 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor21 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press21 hours agolast_img read more

Norwich University Veterans Day observance to be livestreamed

first_imgNorwich University,Vermont Business Magazine Norwich University will observe Veterans Day by conducting a Corps of Cadets review in honor of all veterans, past and present from 1:15 to 2 p.m. Tuesday, Nov. 10.The ceremony will be livestreamed on Norwich’s Facebook page here: https://www.facebook.com/NorwichUniversity/(link is external). In the abundance of caution and for the health and safety of the Norwich and central Vermont community, the Norwich campus is closed to the public for the foreseeable future to include all buildings, fields and tracks.Veterans, their guests, and community members are cordially invited to livestream the Veterans Day Observance, which will be conducted on Norwich University’s Upper Parade Ground. The ceremony will include prolonged cannon fire for the Roll of Wars, a wreath laying, firing of three rifle volleys and the playing of echo taps.The reviewing officer and guest speaker is Lt. Gen. John J. Broadmeadow ’83, who retired from the U.S. Marine Corps on Oct. 1, after more than 37 years on active duty. His final assignment was in the Pentagon as the director, Marine Corps Staff where he was responsible directly to the Marine Corps commandant for the integration of seven three-star deputy commandants implementing significant changes across the Marine Corps. His previous three-star assignment was as the deputy commander of U.S. Transportation Command, one of nine U.S. Defense Department Combatant Commands with responsibilities for air, land, and sea transportation for the Defense Department worldwide.Broadmeadow is the highest-ranking Marine officer to have graduated from Norwich and is honored to have received the Distinguished Alumni Award and have his named engraved on the Bicentennial Stairs.Commissioned a Marine second lieutenant in 1983 after graduating from Norwich University, he served in a variety of billets. He commanded a company in Somalia for Restore Hope and a squadron in Iraq for Iraqi Freedom. He was notably responsible for planning and executing logistics operations for Naval Task Force 58’s amphibious assault into Afghanistan immediately following 9/11 and for the 1st Marine Division during the attack to Baghdad in 2003. He was the senior adviser to the 7th Iraqi Infantry Division as it assumed responsibility for operations in Al Anbar Province Iraq in 2008. Promoted to brigadier general in 2009, he commanded units in the Pacific, Afghanistan and the United States and served on the joint staff at the Pentagon. Before his assignment at USTRANSCOM, he was the commander of all Marine Corps bases and stations around the world.Since May 1984, Broadmeadow has been very happily married to Karen (Rowe) also a NU ’83 graduate. Together, they have remained active with their alma mater in alumni clubs, reunion committees, and freshmen sendoffs. They are longtime members of the Partridge Society. John has returned to speak on campus numerous times including as the Joint Services’ Commissioning Official in 2018 and was the keynote speaker for Norwich’s Bicentennial Gala aboard the USS Intrepid in New York City.Norwich University is a diversified academic institution that educates traditional-age students and adults in a Corps of Cadets and as civilians. Norwich offers a broad selection of traditional and distance-learning programs culminating in baccalaureate and graduate degrees. Norwich University was founded in 1819 by Captain Alden Partridge of the U.S. Army and is the oldest private military college in the United States. Norwich is one of our nation’s six senior military colleges and the birthplace of the Reserve Officers’ Training Corps (ROTC). www.norwich.edu(link is external)Source: NORTHFIELD, Vt. – Norwich University 11.9.2020last_img read more