Overview

• ASIC lodged a Federal Court lawsuit on June 3, 2025, accusing RAMS Financial Group of arranging home loans through systemic misconduct from June 2019 to April 2023.
• The regulator alleges RAMS franchisees submitted false payslips and manipulated borrower expense calculations to approve mortgages.
• RAMS has admitted to unlicensed conduct and failures to properly supervise its mortgage broking representatives.
• The case will be settled through agreed civil penalty proceedings with ASIC seeking declarations and financial penalties against RAMS.
• Westpac closed RAMS to new loan applications in August 2024 and maintains existing provisions are sufficient to cover any regulatory penalties.