ASIC Bans Former Adviser Mark Babbage for 10 Years

The Australian Securities & Investments Commission (ASIC) has banned Melbourne-based adviser Mark Christopher Babbage from providing financial services or engaging in credit activities for ten years. The banning order took effect from 11 March 2022.

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.

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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 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.