Westpac’s RAMS falsified payslips for loan approvals: ASIC
BENGALURU | SYDNEY: Australia’s corporate regulator said the mortgage broking unit of No.2 lender Westpac had used falsified payslips from non-existent employers to approve home loans in a lawsuit filed on Wednesday. The Australian Securities and Investments Commission (ASIC) said RAMS Financial Group, a Westpac subsidiary until the bank shuttered the business last year, engaged in widespread unlicensed conduct from June 2019 to April 2023. The regulator made the allegations in a statement of facts agreed by Westpac, filed in a federal civil lawsuit, and published on Wednesday. The agreed statement said that in some cases it was unclear where…