Post Office 'could offer UK credit companies chance to test IoM market'

MHK keen to see government-owned postal service offer credit services

The Post Office could give a UK credit card provider the opportunity to test the Isle of Man market.

That's the view of Arbory, Castletown and Malew MHK Jason Moorhouse, who wants to see more done to increase the options for Manx residents.

It comes after concerns for Barclaycard customers, with the bank having recently erroneously sent an email to local customers saying their accounts would be closed if they couldn't provide a UK address, before issuing a correction.

The message prompted a number of MHKs to raise the issue at this month's sitting of Tynwald, with concerns the lack of options could be putting new residents off moving to the Island, as well as creating challenges for small businesses.

Mr Moorhouse says the legislation is already in place to allow the Post Office to run such an operation, so the Isle of Man Post Office could provide a simple solution:

However, it would have to be a commercial decision for the Isle of Man Post Office to provide credit cards for Manx residents.

That's from Enterprise Minister Tim Johnston, who confirmed talks have been held with the UK Treasury in a bid to strengthen the Island's position with UK credit companies.

Mr Johnston says his department will explore all the options available, but the decision would be one for the post office:

In response, the Isle of Man Post Office says: “The topic of Isle of Man Post Office (IOMPO) offering banking services has been informally mooted numerous times over the years. While this remains an option for the Government, IOMPO believes that the compliance and regulatory requirements that this brings would not warrant a viable business case.”