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Wed, 26 Oct 2022
American Express has started to close the accounts of Isle of Man Cardholders.
Amex has been criticised for their conduct in the matter as Cardholders say they were given no notice about the changes and that correspondence from the firm stated that cards were blocked immediately pending account closure.
It follows decisions by Lloyds, Tesco and M&S who all withdrew their credit card products from Isle of Man residents.
Earlier this year, MHK Jason Moorhouse raised the matter in Tynwald.
In March, Mr Moorhouse said:
"The changes really started to have an impact on Isle of Man residents on January 1, 2019.
’The changes meant that the UK financial system was ring fenced and as a consequence of this some residents going to England, Scotland and Wales started to have issues accessing their Manx bank accounts while visiting the UK. New expectations were placed on all financial institutions as a direct consequence of the change.
’The risk and cost of offering banking and many other financial products rose and there was the risk of high fines and reputational damage for those financial institutions unable to monitor their networks outside the UK.
’As a direct consequence of this ring fencing, most credit card providers stopped offering new products to residents in the Isle of Man and anywhere else outside the UK.’
American Express told Energy News that they would not discuss internal business decisions and will not therefore comment.
This is the latest blow to residents of the Isle of Man who are paying the price of having local legislation. The financial institutions say that having different laws for the Isle of Man was 'too complicated' for them to deal with, given the small number of customers available.
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