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 魅影直播鈥檚 publicly available and the . 魅影直播鈥檚 Moneysmart website has useful information for consumers whose advisers have been banned.
Mr Babbage has the right to seek a review of 魅影直播鈥檚 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 魅影直播 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鈥檚 note 1:
On 25 October 2023, the Administrative Appeals Tribunal varied 魅影直播鈥檚 decision to ban Mark Babbage from engaging in credit activities and providing financial services. The AAT upheld the scope of 魅影直播鈥檚 original ban, but varied the banning period from ten years to six years (refer 23-301MR).