Progressive co operative credit union limited

Update on Progressive Cooperative Credit Union Member Payout Process

The Financial Services Commission has issued an update on the member payout process for the Progressive Cooperative Credit Union, following the cancellation of the institution's registration and its subsequent winding up.

As of May 5, 2026, 112 of the 261 affected members have contacted the Commission to initiate the payout process. Payment requests being processed amount to BDS$8,775.66. These claims are subject to settlement by the Central Bank of Barbados, in accordance with regulatory procedures.

Members who did not meet the March 31, 2026, deadline are still able to contact the Commission to arrange for the payout of eligible funds. Executors and personal representatives acting on behalf of deceased members are reminded that supporting legal documentation, such as probate or letters of administration, is required to process claims.

The full notice is available for download below.

For further information or assistance, members and representatives may contact the Commission at lsealy@fsc.gov.bb or (246) 421-2142.

Notice of Payout – Notice No. LSED 2026/02

The Financial Services Commission (the "Commission") cancelled the registration of Progressive Co-operative Credit Union Limited (the "Credit Union"), whose registered office was situated at Grantley Adams House, 111 Roebuck Street, St. Michael, effective December 12, 2024, pursuant to section 25 of the Financial Services Commission Act, 2010-21.

The Credit Union has subsequently been placed into liquidation in accordance with section 152(d) of the Co-operative Societies Act, Cap. 378A. As part of the liquidation process, the Commission has assumed responsibility for distributing the available assets of the Credit Union to its members.

Are You a Member?

If your name appears on the Progressive Co-operative Credit Union Limited Member List, or if you are a personal representative of a deceased member, you are requested to contact the Commission on or before March 31, 2026 to schedule an appointment for the processing and disbursement of your funds.

Please note: In-person visits to the Commission are not required at this stage. Appointments will be scheduled following your initial contact.

What You Will Need to Provide

When you make contact, please ensure you have the following available:

• At least one (1) form of valid government-issued identification
• Your banking details for funds disbursement
• Certified probate or testamentary letters – required only if you are claiming on behalf of a deceased member

Contact Details

To schedule your appointment, please contact:

Financial Services Commission Attn: Ms Lisa Sealy Bay Corporate Building, Bay Street, St. Michael Bridgetown BB14038, Barbados

Tel: (246) 421-2142 ext. 9999 
Fax: (246) 421-2146 
Email: lsealy@fsc.gov.bb or enforcement@fsc.gov.bb

Member List

The following is the full list of members of Progressive Co-operative Credit Union Limited as at the date of cancellation of registration. If your name appears below, please contact the Commission by March 31, 2026.