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.

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

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.