The Australian Securities and Investments Commission has banned Melbourne-based adviser Mark Christopher Babbage from providing financial services or engaging in credit activities for 10 years.
Babbage has also been prohibited by the ASIC ban from controlling an entity that engages in credit activities or carries on a financial services business or from performing any function related to the provision of credit services.
Babbage, who the regulator said lacks “the honesty and integrity to participate in the financial services and credit industries,” 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 In the Magistrates Court of Western Australia.
The banning order took effect from March 11. As a further result of his fraud conviction, Babbage is also automatically disqualified from managing corporations for five years.
Babbage has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
Babbage was an authorised representative of Wealthsure from Feb. 6, 2013, until March 5, 2014, and Capstone Financial Planning from March 6, 2014, until Oct. 14, 2021. He was also the director of Babbage Finance until Oct. 13. Babbage Finance was a credit representative of My Local Broker from Aug. 3, 2017 until Dec. 1, 2021.
