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.

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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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Obviously the guy is an idiot, but what other profession (accountant, lawyer, dentist etc) or occupation (builder, plumber, developer, shop owner etc) would mean that due to an act of idiocy, you lose your entire livelihood and business??

I calling over-reaction

I'm calling hilarious. All this over a game where you get a point for missing.

BillyBob - He breached FASEA Standard 1 and s920A(c) of the Corps Act

Think you missed Billy’s point. Those things you stated are rules and refs but they are wrong and rarely abided by.

I think this is a good outcome for the profession. he wilfully endangered the lives of others by traveling and committing fraud and was convicted.

he has brought disrepute to the profession, and this is a good decision from ASIC.

we don't have any tolerance for fraudsters or people with no relevant qualifications in financial planning in the financial advice profession.


P.S. if you don't want to lose your livelihood, don't commit fraud or break the law. simples.

Well done ASIC. Anyone who tells lies has no right to be trusted to advise others and be considered as a trusted adviser.

We often agree BillyBob but not this time. He falsified documents and was convicted of a fraudulent offence. If he has an SMSF the ATO would likely deem him unfit to be a trustee.

If we are to become a self administered profession under a professional standards board away from the Spanish inquisition that is ASIC we have to have a good character benchmark that does not permit these kinds of characters.

Being convicted of fraud would still allow him to be a builder, plumber, dentist and a lawyer. Maybe not an accountant.

I know someone will say the law society would stop the lawyer too, not from some of the crooks they allow to remain in practice in my experience.

I see myself as the original Billybob but someone has stolen my identity, for what it’s worth the original Billybob agrees with you

So it seems financial advisers can be punished as if they were members of a profession.
Does this now mean that financial advisers may arguably start to be considered as and be treated as a profession when it comes to other matters?

Just a thought.

No chance, until we have principled based professional and ethical guidelines/regulations, instead of prison grade strict letter tick box compliance from ASIC, we will remain in our box. The biggest impediment to planning being a true profession is the removal of a government regulator.

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