Government Senator Ramon Alleyne has called for stronger laws to ensure regulators can swiftly pursue individuals whose fraud or gross negligence contributes to the collapse of financial institutions, arguing that depositors deserve greater protection and accountability.

As the Protection of Depositors Bill went before the Senate on Wednesday, Senator Alleyne said the legislation should go beyond safeguarding deposits and also empower regulators and liquidators to take decisive action against those responsible for financial failures.

He said: “One aspect that I believe we need to consider in legislation of this type is empowering regulators, liquidators, and the like in terms of going after those persons who have committed any degree of fraud or any degree of gross negligence that has resulted in the failing of the institution.”