Is the Credit Suisse chaos the start of a 2008 repeat? And more key questions answered

With financial services companies collapsing into rubble and central banks offering bail outs, a lot of people are feeling a sense of déjà vu. This is how the Great Recession started. Are we doomed to go through the same thing all over again? Will the Credit Suisse contagion rip through the financial markets dragging economies down with them?This time there are reasons to stay calm.

“I certainly wouldn’t want to be a shareholder or bondholder, but we think that the latest falls are more to do with sentiment towards the banking sector, in general, and the weaker banks, in particular.” However, under this, the maximum you would get back is £85,000 or £170,000 for joint accounts. This is even if the total of all your different accounts with the same bank added up to more than this.

FSCS typically cannot protect funds over £85,000 per person. However, if it does pay the maximum, it will seek to recover any amount above the limit during the insolvency process on behalf of customers, and return this to them.

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