Swithed on banking at the AFR:
The trail of documents used by Westpac to support a business loan for a failed franchise and led the loan’s guarantor to lose her home were haphazard, inconsistent and incomplete the Hayne royal commission has heard.
It follows earlier hearings on consumer credit and financial services that also highlighted the insufficient and often sloppy approach to record keeping at Westpac and other banks.
The documents tended to the royal commission alternatively show the business had no employees or several employees, with the disability pensioner and the loan’s guarantor Carolyn Flanagan at times listed as one of those employees despite being chronically ill and unable to read or write.
Lol.
