More than a third of RAMS Home Loan's 60 franchisees are headed for mediation with Westpac this week with claims against the bank’s false, misleading and unconscionable conduct, the Sydney Morning Herald reported yesterday.
According to the daily, the claims centre on representations made by Westpac on available products, trail commissions, retail space, working capital requirements and the saleability of franchises.
Franchisees were reportedly unfairly pressured into opening stores with no or little consideration as to the financial ability of the business.
The claims will be heard before the Australian Competition and Consumer Commission (ACCC) this week, the Herald said.
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