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Tesco Bank issues IOM credit card statement

Company blames Brexit for service closure

Tesco Bank credit card customers living in the Isle of Man will be unable to use the service from May.

In a statement, issued to Manx Radio, the company says the decision to stop the facility for Island residents follows the United Kingdom's withdrawal from the European Union.

It adds that during a Brexit Impact Review EU regulators found their laws didn't allow UK based financial service firms to, what it calls, 'passively service' accounts where the customer was resident in their jurisdiction. 

This means anyone living in the Crown Dependencies, which includes the Isle of Man, is no longer able to open a Tesco banking or saving account.

Current customers living in the Island fall within the criteria for closure; the firm says it's already written to them explaining the decision.

From 3 May they will still have access to the mobile App and online banking to check their balance and continue to make payments after the account is closed.

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