IOM Bank charity charges deferred for one year

Isle of Man Bank has deferred plans to charge charities for certain banking services for twelve months.

New rules were due to come into force in around two weeks time which would've meant third sector groups on Island would have to pay for certain services.

Now, however, the bank has decided to not bring the changes in until May 2022 - the move has been welcomed by Speaker of the House of Keys, Juan Watterson MHK.

Mr Watterson says whilst it's disappointing the charges will still be brought in, it gives people time to make informed decisions and he hopes a longer lasting solution can still be found.