ASIC bans former adviser for 10 years

On Monday, 4 April, ASIC confirmed the ban against Mark Christopher Babbage after he 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”.

Mr Babbage was an authorised representative of Wealthsure from 6 February 2013 until 5 March 2014 and then Capstone Financial Planning from 6 March 2014 until 14 October 2021.

He was also the director of Babbage Finance until 13 October 2021.

The ban, which took effect from 11 March 2022, also prohibits Mr Babbage from controlling an entity that engages in credit activities or carries on a financial services business. 

Due to the fraud conviction, Mr Babbage is also automatically disqualified from managing corporations for five years.

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

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.