Fake Payslips Used to Get Loans Approved in ‘Systemic Misconduct’: ASIC

RAMS Faces Legal Action Over Years of Home Loan Misconduct

The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings in the Federal Court against RAMS Financial Group (RAMS), citing extensive misconduct in its home loan operations between June 2019 and April 2023. According to ASIC, RAMS—an Australian Credit Licence (ACL) holder and a wholly owned subsidiary of Westpac—allowed unlicensed individuals to facilitate home loans, failed to properly oversee its authori…

Fake payslips used to get loans approved in ‘systemic misconduct’: ASIC

The regulator has taken action against Westpac’s RAMS, alleging the home loan business failed to properly supervise its representatives.

RAMS sued for 'systemic misconduct' in preparing home loans

The corporate watchdog ASIC has sued RAMS Home Loans, accusing it of "systemic misconduct" in arranging home loans.Westpac's mortgage broking subsidiary allegedly breached its obligations under credit laws and engaged in widespread unlicensed conduct between June 2019 and April 2023.Allegations brought by ASIC include that RAMS staff forwarded fake pay slips in mortgage applications, and changed customers' expenses and debts in order to meet lo…

Westpac, RAMS sued for ‘widespread misconduct’

Australia’s financial regulator is set to take mortgage company RAMS, a wholly-owned subsidiary of Westpac, to court for ‘systemic misconduct’.

Westpac sued by ASIC over ‘systemic’ failures at RAMS

The corporate regulator said the lender suffered a major governance failure by not adequately supervising franchisees, who forged documents to write loans.

Breaking: RAMS sued over allegations of dodgy home loans

ASIC has accused the now-defunct Westpac brand of breaching its obligations under credit laws and engaging in "widespread unlicensed conduct" between June 2019 and April 2023.