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NO CREDIT CARDS FOR IOM RESIDENTS


Boris Johnson

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2 hours ago, NoTailT said:

 

The coroners have very little enforcement powers. They are not like bailiffs.

They either need more powers, or private bailiffs need to be permitted in law.

But that isn't a new thing. It's been like that in the IOM for decades. The UK High Street banks had been issuing credit cards to tens of thousands of IOM residents for 40+ years, then, one by one, they stopped. They must all have had bad debt experience in that time but they stuck with it.

The new stance seemed to happen in the wake of the 'ring-fencing' requirements in the UK.

So, there must be more to it that simply debt collection and enforcement, and that is what Cannan instructed Johnston and Lewin to get the whole facts about.

Perhaps Moorhouse will follow up when the new session opens in the Autumn.

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Ring fencing means that UK Banks cannot offer their UK Domestic products - credit cards to non-UK residents in IOM, Jersey, Guernsey and Gibraltar. (Bank of England rules). This allows includes Bank customers outside the UK ex-pats, Spain, USA etc. who have had these accounts closed.

Work has been carried out in Jersey with the banks but the issue is no centralised Electoral -Register. I am not sure if that is the issue with IOM. HSBC are issuing credit cards as they have an offshore division separate from their UK product.

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  • 1 month later...
10 minutes ago, Andy Onchan said:

Seems as though that is the case.... unless of course you have £100K to deposit! 
 

https://forums.moneysavingexpert.com/discussion/6474399/barclays-to-close-accounts-of-all-british-expats

Hasn't it been like this for ages .. HSBC for instance used to ask expats to set up an expat account  ( I think its based in Jersey) and shut down UK accounts 

Obviously many keep it open by using a  UK  address..( family / friends)

Barclays IOM used to do similar for expats who wouldn't qualify for a UK account. 

Edited by mad_manx
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  • 2 months later...
3 hours ago, Gladys said:

I use beads and mirrors.  My provider of shells and feathers says they cannot provide to IOM residents. 

Brightly coloured, small polished stones and sheep's teeth round my way.

I renewed my Natwest card last year after a period of expiry of my old one. The lady in IoM Bank where I renewed told me I was lucky to be able to, and that they were increasingly difficult to get.

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  • 3 months later...

Thursday 5th October 2023 2:16 pm

https://www.iomtoday.co.im/news/nothing-to-stop-uk-banks-from-issuing-credit-cards-on-the-isle-of-man-financial-services-authority-642529

Quote

 

There is nothing to prevent UK banks from issuing credit cards to island residents.

The financial regulator said it is continuing to monitor the provision of credit services here.

 

 

Barclaycard are still saying NO

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