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Department for Enterprise seeks clarification from Tesco

Follows Tesco Bank decision to withdraw credit cards for Manx customers

The Department for Enterprise has written to Tesco over the rationale behind the decision to withdraw credit card services for Isle of Man residents.

Government says it's previously engaged with on, and off, Island providers of credit cards and found there to be 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 taken commercial decisions to limit their offering to UK residents only.

But they are aware that a number of banking groups with a presence here continue to provide credit cards to Isle of Man residents - though sometimes only available by means of an online application to the part of the wider group that provides the cards.

Former Manx Government economist John Webster says it's often difficult to know why major UK businesses come to the decisions they do:

Meanwhile the Financial Services Authority continues to monitor the availability of credit to Isle of Man residents from banks licenced in the Isle of Man and from their wider banking groups.

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