Workers in rogue RAMS Financial franchises paid and took illicit kickbacks, and faked tax returns and company statements in the years leading up to their termination, Westpac alleges in response to a class action threat hanging over the big-four bank.

Westpac said it would effectively shut down the 33-year-old RAMS brand this week amid an Australian Securities and Investments Commission probe into the business covering the conduct of franchisees that have since taken the bank to court.