ASIC has banned Melbourne-based adviser Mark Christopher Babbage from providing financial services or engaging in credit activities for ten years.

The ban also prohibits Mr Babbage from controlling an entity that engages in credit activities or carries on a financial services business. Mr Babbage is banned from performing any function related to the provision of credit services.

Mr Babbage was convicted of three charges relating to a failure to comply with a direction under the Emergency Management Act 2005 and one charge of gaining a benefit by fraud in contravention of the Criminal Code WA on 13 October 2021 in the Magistrates Court of Western Australia

ASIC is satisfied that Mr Babbage lacks the honesty and integrity to participate in the financial services and credit industries.

The banning order took effect from 11 March 2022.

The banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified register. ASIC’s Moneysmart website has useful information for consumers whose advisers have been banned.

Mr Babbage has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.

Background

Mr Babbage was an authorised representative of Wealthsure Pty Ltd from 6 February 2013 until 5 March 2014 and Capstone Financial Planning Pty Ltd from 6 March 2014 until 14 October 2021.

Mr Babbage was the director of Babbage Finance Pty Ltd until 13 October 2021. Babbage Finance Pty Ltd was a credit representative of My Local Broker from 3 August 2017 until 1 December 2021.

Section 920A of the Corporations Act gives ASIC the power to ban a person who has been convicted of fraud.

As a further result of his fraud conviction, Mr Babbage is also automatically disqualified from managing corporations for five years.

Editor’s note 1:

On 25 October 2023, the Administrative Appeals Tribunal varied ASIC’s decision to ban Mark Babbage from engaging in credit activities and providing financial services. The AAT upheld the scope of ASIC’s original ban, but varied the banning period from ten years to six years (refer 23-301MR).