The corporate regulator said Westpac’s mortgage broking subsidiary RAMS Home Loans failed to properly supervise franchisees, some of whom submitted false payslips from fake employers and changed borrower expense calculations to get loans over the line.
The Australian Securities and Investments Commission commenced a legal action in the Federal Court on Wednesday against RAMS Financial Group, alleging systemic misconduct in arranging home loans. Westpac said it wanted to settle the case as soon as possible.
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