The Australian Securities and Investments Commission has announced the ban of Mark Christopher Babbage from providing financial services or engaging in credit activities for ten years.
The Aussie regulator’s ban imposed on 11 March also prohibits Babbage from controlling an entity that engages in credit activities or carries on a financial services business. Babbage is also banned from performing any activities related to the provision of credit services.
The ban follows a conviction of there charges against Babbage for failure to comply with a direction and one charge of gaining a benefit by fraud.
ASIC is satisfied that Mr Babbage lacks the honesty and integrity to participate in the financial services and credit industries.
Babbage was an authorised representative of Wealthsure Pty Ltd from February 2013 to March 2014 and of Capstone Financial Planning Pty Ltd from March 2014 to 14 October 2021. He was also the director of Babbage Finance Pty Ltd until October 2021. Babbage Finance Pty Ltd was a credit representative of My Local Broker between August 2017 and December 2021.
According to Section 920A of the Corporations Act, ASIC has the power to ban a person who has been convicted of fraud. Additionally, Babbage is automatically disqualified from managing corporations for five years as a further result of his fraud conviction.
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