The Office of Fair Trading plans to stop businesses adding surcharges for customers using a credit or debit card.

The surcharges, which businesses use to recoup the extra cost for processing card payments, will be stopped in the UK from January 31, to meet obligations under the EU Payment Services Directive.

OFT chairman Martyn Perkins told Tynwald: ’The OFT has been in discussion with both the Treasury and the Cabinet Office regarding the implications of this change and the advisability that it should be extended to the island, as, if it is not extended, consumers on the island may be disadvantaged within the complex consumer landscape.’

He added: ’This is about fairness and transparency.

’While it is envisaged the OFT will be seeking political approval to introduce measures providing a level of protection to consumers on the island similar to that enjoyed by their counterparts in the UK, I must emphasise that the implications of doing so are still being actively considered.’

Mr Perkins admitted the timescale was ’tight’ to implement changes at the same time as the UK. But he said it was ’achievable’