Follows Tesco Bank’s decision to withdraw credit cards from Manx customers
The Department for Enterprise has written to Tesco over the justification for the decision to withdraw credit card services for Isle of Man residents.
The government says it has already engaged with island credit card providers and found there is no legal prohibition under UK law preventing them from issuing cards to Manx residents.
The Department for Enterprise notes that in the past some card providers have made business decisions to limit their offer to UK residents only.
But they are aware that a number of banking groups present here continue to provide credit cards to Isle of Man residents – although sometimes only available through an online application to part of the wider group who provides the maps.
Former Manx government economist John Webster says it’s often unclear why big UK companies make the decisions they do:
Meanwhile, the Financial Services Authority continues to monitor the availability of credit for Isle of Man residents from banks licensed in the Isle of Man and their wider banking groups.