Australia's corporate regulator sues Westpac's unit for alleged misconduct
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 04 2025
0mins
Source: Reuters
Allegations Against Westpac's Mortgage Unit: Australia's corporate regulator, ASIC, has filed a lawsuit against Westpac's mortgage broking unit, RAMS Financial Group, for using falsified payslips to approve home loans and engaging in widespread unlicensed conduct from June 2019 to April 2023.
Regulatory Response and Consequences: RAMS has admitted to various shortcomings, including dealing with unlicensed operators, while ASIC is seeking financial penalties. Westpac plans to cooperate with ASIC to resolve the matter, following the closure of RAMS to new home loans in August 2024.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
