ASIC bans Melbourne-based former adviser

The Australian Securities and Investments Commission (ASIC) has banned Melbourne-based adviser Mark Christopher Babbage from providing financial services or engaging in credit activities for 10 years.

Last year Babbage was arrested and charged with breaching COVID-19 travel laws and falsifying documents to attend the AFL grand final in Perth.

He was later convicted of the 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 said it was satisfied that Babbage lacked the honesty and integrity to participate in the financial services and credit industries and his banning took effect from 11 March, 2022.

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

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. He was also 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.

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

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