RAMS Faces Legal Action Over Years of Home Loan Misconduct

The regulator says unlicensed staff, poor oversight, and lack of controls at RAMS—owned by Westpac—led to widespread legal breaches.
RAMS Faces Legal Action Over Years of Home Loan Misconduct
A man walk past ATMs at a regional branch of Westpac bank in Albany, Western Australia, on Nov. 22, 2023. Susan Mortimer/The Epoch Times
Naziya Alvi Rahman
Updated:

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 authorised representatives, and lacked sufficient internal controls.

Naziya Alvi Rahman
Naziya Alvi Rahman
Author
Naziya Alvi Rahman is a Canberra-based journalist who covers political issues in Australia. She can be reached at [email protected].