From Yahoo Finance: 2025-06-03 19:00:00

Australia’s corporate regulator, ASIC, filed a lawsuit against Westpac’s mortgage broking unit for using falsified payslips to approve home loans. RAMS Financial Group, a Westpac subsidiary, engaged in unlicensed conduct from 2019 to 2023, leading to loans being provided to unqualified customers. ASIC is seeking financial penalties from RAMS, while Westpac expects existing provisions to cover the lawsuit costs. RAMS franchisees have filed a class action lawsuit against Westpac, claiming improper termination of viable businesses. The first hearing in ASIC vs Westpac is pending, highlighting the ongoing repercussions of the mortgage broking scandal.



Read more at Yahoo Finance: Australia regulator alleges Westpac mortgage unit used false documents