Online Reporter
Business Reporter
THE Deposit Protection Corporation (DPC) has announced that FBC Building Society is no longer a member of the Deposit Protection Scheme following the cancellation of its operating licence, but has assured the public that all deposits remain fully protected under the law.
The development follows an approved merger involving FBC Holdings Limited, FBC Bank Limited and FBC Building Society.
In a statement, the DPC said FBC Building Society ceased to be a member of the Deposit Protection Scheme with effect from December 30, 2025, after its licence was cancelled by the Registrar of Building Societies.
“The Deposit Protection Corporation (DPC) wishes to inform the public that, in terms of the Deposit Protection Corporation Act [Chapter 24:29], FBC Building Society ceased to be a member of the Deposit Protection Scheme following the cancellation of its operating licence with effect from 30 December 2025,” the statement read.
Authorities stressed that the development is administrative and linked to the merger process, and not due to financial distress.
The DPC explained that prior to the licence cancellation, FBC Building Society had already transferred its deposit business to FBC Bank Limited.
“At the time of licence cancellation, FBC Building Society had transferred all deposit liabilities and related banking assets to FBC Bank Limited, a registered banking institution and a member of the Deposit Protection Scheme,” said the corporation.
“As a result, deposits previously held with FBC Building Society continue to be protected under the Deposit Protection Corporation Act [Chapter 24:29] through FBC Bank Limited, and no compensation is payable under the Act as FBC Building Society did not become insolvent.”
This means no compensation has been triggered under the DPC framework, as the institution did not fail.
The corporation also clarified that FBC Building Society has ceased deposit-taking activities.
“Members of the public are advised that FBC Building Society no longer conducts deposit-taking business with effect from 30 December 2025,” said the DPC.
Despite the structural changes, depositors are not expected to experience any disruption in accessing their funds or banking services.
Reaffirming its mandate, the DPC said it remains committed to safeguarding depositors’ funds, promoting confidence in the financial system and supporting orderly restructuring processes within the banking sector.
“Depositors may continue to access their accounts and banking services through FBC Bank Limited in the normal manner,” the statement said.
