Declan Posted March 20 Share Posted March 20 There's nothing to stop them. Except they choose not to. Merely a business decision, probably additional the income won't make having to go through the local legal and regulatory hoops. 2 Quote Link to comment Share on other sites More sharing options...
Nellie Posted March 20 Share Posted March 20 59 minutes ago, Declan said: There's nothing to stop them. Except they choose not to. Merely a business decision, probably additional the income won't make having to go through the local legal and regulatory hoops. Therein lies the key issue here. After the best part of three years, the IOM Government, through the Treasury, the DfE, and the FSA still haven't managed to get to the bottom of exactly what the issue is. Until they do that, finding a solution will be impossible. 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted March 20 Share Posted March 20 2 hours ago, Declan said: There's nothing to stop them. Except they choose not to. Merely a business decision, probably additional the income won't make having to go through the local legal and regulatory hoops. They've probably tried to deal with the FSA and realised they don't need the stress ! 1 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted March 20 Share Posted March 20 28 minutes ago, asitis said: They've probably tried to deal with the FSA and realised they don't need the stress ! It’s nothing to do with FSA it’s a business decision based on location as a result of ring fencing with all card issuers being inside ring and offshore being outside, only exception is HSBC. Also the recovery of debts is harder in crown dependencies as no bailiffs etc with coroner doing nothing unless there’s a house or bank account to sieze. Quote Link to comment Share on other sites More sharing options...
John Wright Posted March 20 Share Posted March 20 1 hour ago, Banker said: It’s nothing to do with FSA it’s a business decision based on location as a result of ring fencing with all card issuers being inside ring and offshore being outside, only exception is HSBC. Also the recovery of debts is harder in crown dependencies as no bailiffs etc with coroner doing nothing unless there’s a house or bank account to sieze. But ring fencing has nothing to do with issuing cards to IoM residents. It’s a convenient excuse. There is no legal or regulatory reason for a UK bank or card issuer to refuse to issues cards to IoM residents. It’s a business decision, pure and simple, doesn’t fit their business model, especially as far as debt recovery is concerned. They can’t just issue a County Court summons and get judgment and send in the bailiffs. They can sue in county court, but then have to transfer to High Court to then register in IoM and get the coroner to enforce. Its even worse for the CI as their courts have said that a County Court Judgement transferred to the High Court in England isn’t a High Court judgement capable of being registered in the Courts of Jersey or Guernsey. Exact opposite decision to that taken by the Manx Court of Appeal on identically worded legislation in all three. Quote Link to comment Share on other sites More sharing options...
Banker Posted March 20 Share Posted March 20 1 hour ago, John Wright said: But ring fencing has nothing to do with issuing cards to IoM residents. It’s a convenient excuse. Maybe but it’s only happened since ring fencing and the legal/compliance teams say that’s the main reason nothing to do with FSA. Quote Link to comment Share on other sites More sharing options...
Kopek Posted March 20 Share Posted March 20 3 hours ago, Banker said: debts is harder in crown dependencies as no bailiffs etc Shushhhhhhhhhhhhh! 1 hour ago, John Wright said: hey can’t just issue a County Court summons and get judgment and send in the bailiffs. Shushhhhhhhhhhhhhhhhh! How would 'bad debts' outweigh the benefits of providing? I don't know the percentages but it would seem that putting restrictions in place would be more that the losses??? You can still get an IOM/NatWest mastercard ok. Quote Link to comment Share on other sites More sharing options...
Kopek Posted March 20 Share Posted March 20 (edited) Someone had a go at allowing Bailiffs activity on the Island some time ago. Was it CR? I seem to remember that it was passed but not activated? Edited March 20 by Kopek Quote Link to comment Share on other sites More sharing options...
John Wright Posted March 20 Share Posted March 20 18 minutes ago, Banker said: Maybe but it’s only happened since ring fencing and the legal/compliance teams say that’s the main reason nothing to do with FSA. Ring fencing was introduced over a decade ago. The de carding is much more recent. It was exacerbated by Brexit which made banks examine where their customers were based. They got rid of IoM and CI clients as collateral damage in getting rid of eu residents. And of course offshore financial centres are perceived as high risk for AML compliance and banks are risk averse and the computer says no. But the one thing it isn’t related to is ring fencing. 2 Quote Link to comment Share on other sites More sharing options...
John Wright Posted March 20 Share Posted March 20 6 minutes ago, Kopek said: How would 'bad debts' outweigh the benefits of providing? They wouldn’t, and that’s not the point I’m making. The legal departments or contracted solicitor teams are a smooth unquestioning conveyor belt with IT programmes to process. Cant do that with the crown dependency cases, which become low volume, low value, intensive workload. 2 Quote Link to comment Share on other sites More sharing options...
Kopek Posted March 20 Share Posted March 20 So, it's lazy Solicitors then? OK! Quote Link to comment Share on other sites More sharing options...
John Wright Posted March 20 Share Posted March 20 9 minutes ago, Kopek said: So, it's lazy Solicitors then? OK! No, it’s an almost fully automated system in England. It’s cheap, it’s fast and it’s crap. 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted March 20 Share Posted March 20 What's the attraction of credit cards anyway? The only two advantages I've ever been aware of is fraud protection and car hire. The need for either is easily avoided IMHO. I know some of them have perks like airmiles and stuff, but some also have annual charges and if you don't pay off the balance every month the interest charges are astronomical. Quote Link to comment Share on other sites More sharing options...
newaccount Posted March 20 Share Posted March 20 2 minutes ago, A fool and his money..... said: What's the attraction of credit cards anyway? The only two advantages I've ever been aware of is fraud protection and car hire. The need for either is easily avoided IMHO. I know some of them have perks like airmiles and stuff, but some also have annual charges and if you don't pay off the balance every month the interest charges are astronomical. Have a red of this https://www.headforpoints.com/best-uk-avios-airline-hotel-credit-cards/ 1 Quote Link to comment Share on other sites More sharing options...
Anthony Ingham Posted March 20 Share Posted March 20 7 minutes ago, A fool and his money..... said: What's the attraction of credit cards anyway? The only two advantages I've ever been aware of is fraud protection and car hire. The need for either is easily avoided IMHO. I know some of them have perks like airmiles and stuff, but some also have annual charges and if you don't pay off the balance every month the interest charges are astronomical. Credit cards offer several attractions, including convenience, security, rewards, and the ability to build credit history. They allow users to make purchases without carrying cash, offer fraud protection, reward programs such as cashback or travel miles, and responsible use can help improve credit scores, enabling access to loans and better interest rates. However, it's important to use them wisely to avoid debt and interest charges. 1 Quote Link to comment Share on other sites More sharing options...
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