In this edition of Financial Services News Wrap, Westpac's subsidiary, RAMS home loans, faces allegations of systemic misconduct by the ASIC over fraudulent document misuse, signaling ongoing governance issues. Consumer spending habits remained cautious despite economic stimuli, showing a minimal growth. As Australia initiates the second phase of Delivering Better Financial Outcomes reforms, super fund trustees are to offer financial advice improving retirement outcomes for the increasing retiree population. Lastly, The Star Casino has been hit with action over high-level breaches of anti-money laundering laws by AUSTRAC, indicating an urgent need for reforms. For more updates on insurance, finance, superannuation, and money management, visit financialservicesonline.com.au.
