Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.
When a bank hits the headlines, it isn’t usually for good reasons. Such is the case for Metro Bank which has found itself the talk of the town.
Share prices took a massive dip amid concerns for its future, although the news has improved with a £925m investment package preventing it from collapsing.
But, while the talk in the media is all very high level with discussions around debt refinancing and capital raise, what does it mean if you’re a customer of a bank whose future looks at risk?
The primary concerns for customers in such situations include:
The Financial Services Compensation Scheme (FSCS) plays a vital role in mitigating these concerns:
A bank's risk of collapse can have profound implications for its customers, potentially resulting in financial losses and disruptions. The FSCS acts as a safety net by providing deposit protection and compensation, assuaging customer concerns and contributing to the overall stability of the financial system.
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