The corporate regulator will increase scrutiny on mortgage broking commission payments after suing Westpac subsidiary RAMS Home Loans for fraudulent activity, after franchisees wrote home loans using false payslips from fake employers and fudging borrower expenses.
The Australian Securities and Investments Commission has alleged RAMS failed to properly supervise a network of franchisees, allowing some to engage in systemic misconduct over a period of almost four years, in a Federal Court action filed on Wednesday.
Loading...
James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
