Quick Quote
One simple enquiry form gives you fast access to quotes and rate comparisons from Australia's leading and best known debt consolidation specialists.
All quotes are supplied to you free and without any obligation. We respect your privacy.
Knowledgebase
Hard Inquiry:
A credit report check by a lender or other entity as part of the credit approval process, which can lower your credit score.
Debt Consolidation Australia :: News
SHARE

Share this news item!

Westpac Faces Renewed Scrutiny Amid RAMS Loan Misconduct

Westpac Faces Renewed Scrutiny Amid RAMS Loan Misconduct

Westpac Faces Renewed Scrutiny Amid RAMS Loan Misconduct?w=400
Australia's financial sector is yet again under the spotlight as Westpac finds itself embroiled in another scandal involving irresponsible lending practices.
The bank's RAMS home loans subsidiary faces serious allegations by the Australian Securities and Investments Commission (ASIC) regarding improper loan approvals.

ASIC has accused RAMS of engaging in systemic misconduct, citing at least 84 incidents where Sydney and Melbourne franchises allegedly used fraudulent documents to approve loans that should have been disqualified. Westpac, which experienced a similar issue in 2018 when it was fined for approving over 10,000 unsuitable home loans, faces a possible penalty exceeding $100 million. However, the final sum may be closer to $30 million.

This unfolding situation is crucial as it highlights ongoing governance challenges within Westpac and raises consumer trust concerns in Australia’s financial institutions. In the wake of previous scandals and the Royal Commission's findings into sector misconduct, this revelation underscores persistent issues with compliance and oversight.

The allegations not only cast a shadow on Westpac’s internal controls but also affect public confidence in Australia's banking system. For consumers, it signifies potential risks of financial hardship linked to irresponsible lending practices, impacting countless borrowers who may have unknowingly been granted unaffordable loans.

As ASIC prosecutes this case, the outcome could influence regulatory approaches and potentially lead to stricter governance practices throughout the financial industry. Legal and financial experts anticipate that Westpac's response and any resulting legal judgments will guide how banks assess and approve loans.

The coming months may see increased regulatory oversight and policy changes as ASIC aims to curtail similar occurrences in the future. Additionally, as Westpac navigates these allegations, it may focus on enhancing its compliance frameworks to restore organisational reputation and consumer trust.

Published:Friday, 6th Jun 2025
Source: Paige Estritori

Share this news item:

Finance News

Westpac Faces Renewed Scrutiny Amid RAMS Loan Misconduct Westpac Faces Renewed Scrutiny Amid RAMS Loan Misconduct
06 Jun 2025: Paige Estritori

Australia's financial sector is yet again under the spotlight as Westpac finds itself embroiled in another scandal involving irresponsible lending practices. The bank's RAMS home loans subsidiary faces serious allegations by the Australian Securities and Investments Commission (ASIC) regarding improper loan approvals. - read more
Cautious Spending Persists Despite Economic Stimuli Cautious Spending Persists Despite Economic Stimuli
06 Jun 2025: Paige Estritori

Australians continue to exhibit cautious spending behaviours, as evidenced by a modest uptick in expenditure during April, notwithstanding consecutive long weekends and favourable economic conditions. Recent data from the Australian Bureau of Statistics (ABS) illustrates a 0.1% increase in household spending, following declines and tepid growth in the preceding months. - read more
The Star Casino Faces AUSTRAC Penalties Over Money Laundering Breaches The Star Casino Faces AUSTRAC Penalties Over Money Laundering Breaches
06 Jun 2025: Paige Estritori

The Star Casino is embroiled in legal difficulties after allegations emerged in a Federal Court involving their facilitation of risky financial transactions, including offering massive gambling credits to individuals known for money laundering. This follows financial watchdog AUSTRAC's pursuit of legal action against the casino. - read more
ASIC Intensifies Oversight on Private Credit Market ASIC Intensifies Oversight on Private Credit Market
05 Jun 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) is fast-tracking its oversight of the private credit market, focusing on retail distribution amidst potential risks in the asset class. ASIC Commissioner Simone Constant disclosed that the regulator is prioritising this initiative in response to anticipated failures within the sector, as outlined in a discussion paper released earlier this year. - read more
Impact of International Students on Australian Economy Grows Impact of International Students on Australian Economy Grows
05 Jun 2025: Paige Estritori

The Australian Bureau of Statistics (ABS) recently highlighted the substantial contribution of international students to the economy, estimating education exports to be valued at $51 billion for the 2023-24 fiscal year. This figure underscores the economic significance of Australia's educational sector, as calculated by combining average spending estimates from Tourism Research Australia with students’ total course fee expenditures. - read more


Debt Consolidation Articles

The Ultimate Guide to Achieving Financial Freedom Through Debt Restructuring The Ultimate Guide to Achieving Financial Freedom Through Debt Restructuring
Financial stability is a common aspiration, yet many Australians find themselves weighed down by the burden of debt. Whether it’s due to loans, credit cards, or unexpected financial emergencies, the struggle to stay afloat is a reality for countless individuals striving to achieve their dreams of a secure, debt-free future. - read more
How to Avoid Falling Back into Debt: Post-Consolidation Best Practices How to Avoid Falling Back into Debt: Post-Consolidation Best Practices
Welcome to our guide on how to avoid falling back into debt after consolidating your debts. Debt consolidation can be a fantastic way to manage multiple financial obligations, combining them into a single, more manageable payment plan. But the journey doesn’t end there. - read more
Monitoring Your Progress: Tracking Financial Goals Post-Debt Consolidation Monitoring Your Progress: Tracking Financial Goals Post-Debt Consolidation
Welcome to our blog, where we're dedicated to helping you make the most of your financial journey. Today, we're going to delve into an important aspect of financial health: tracking your progress after debt consolidation. - read more
Financial Planning 101: How to Get Ahead of Your Debt Financial Planning 101: How to Get Ahead of Your Debt
Welcome to Financial Planning 101: How to Get Ahead of Your Debt! If you're feeling overwhelmed by your financial situation, you're not alone. Many people struggle with managing debt and finding ways to achieve financial stability. - read more
Budgeting 101: A Beginner's Guide to Monthly Expense Planning Budgeting 101: A Beginner's Guide to Monthly Expense Planning
Budgeting is the process of creating a plan to manage your money. Essentially, it allows you to allocate your income towards expenses, savings, and other financial goals. By keeping track of where your money goes, budgeting helps you ensure that you are not overspending and are prepared for future financial needs. - read more
How to Craft a Foolproof Financial Strategy for Debt Management How to Craft a Foolproof Financial Strategy for Debt Management
Managing debt is a crucial aspect of maintaining financial well-being, yet it can often feel like a daunting task. Understanding how debt works and its potential impact on your life is the first step toward gaining control of your finances. In this section, we will delve into the intricacies of debt and outline why a solid financial strategy is essential for effective debt management. - read more
Managing Your Credit Card Debt Wisely in Tough Economic Times Managing Your Credit Card Debt Wisely in Tough Economic Times
In light of the current economic challenges facing many Australians, managing credit card debt has become more crucial than ever. With rising living costs and financial uncertainty, accruing debt on high-interest credit cards can quickly escalate from a manageable inconvenience to a stressful financial burden. - read more
Proven Strategies for Australians to Improve Credit Scores Proven Strategies for Australians to Improve Credit Scores
Welcome, readers! We're here to talk about something incredibly important yet often overlooked: improving your credit score. Your credit score is a financial report card used to evaluate your creditworthiness, and it can have a significant impact on your ability to secure loans, mortgages, and even rental agreements. - read more