On 25 October 2023, the Administrative Appeals Tribunal (AAT) varied ASIC’s decision to ban Mark Babbage from engaging in credit activities and providing financial services. The AAT upheld the scope of ASIC’s original ban, but varied the banning period from ten years to six years.

ASIC 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 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 (22-077MR).

The AAT’s Senior Member O’Donovan noted, “given the nature of the dishonesty which included forging bank statements and misleading public officials, the applicant’s 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”.