On 25 October 2023, the Administrative Appeals Tribunal (AAT) varied ASIC鈥檚 decision to ban Mark Babbage from engaging in credit activities and providing financial services. The AAT upheld the scope of ASIC鈥檚 original ban, but varied the banning period from ten years to six years.听
今日热门事件had previously banned Mark Babbage for ten years following findings that he lacked the honesty and integrity to participate in the financial services and credit industries. Mr Babbage was convicted of three charges relating to a failure to comply with a direction under the鈥�Emergency Management Act 2005 and鈥�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 (22-077MR).听
The AAT鈥檚 Senior Member O鈥橠onovan noted, 鈥済iven the nature of the dishonesty which included forging bank statements and misleading public officials, the applicant鈥檚 lack of insight and the need to emphasise to participants in the financial and credit industries the fundamental importance of honesty in the work that they do, a significant ban which excludes the applicant from participation in the industry is appropriate鈥�.听
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.听
Mr Babbage 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.
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