Tricky to know what to do here if it's bought second hand from here, I had the same with a great used bat that literally broke in half, on close inspection and a bit of research it was hand picked and storm damaged which is why handpicking bats only works if the people picking them know what to look for. I'm not a fan of handpicking as you can tell.
I guess for your bat there are different quality cane handles......you don't see this that often so manufacturing fault yes....or it could just be a cheaply made handle.
As
@Seniorplayer has spotted it looks like it's missing some rubber inserts
If this was mine I think presuming you like the bat I would take it to warsop/h4l/salix or maybe red ink for a new handle.
Just looked on the salix website and a new handle is 50 quid so not cheap, but at least you have the knowledge it's a decent handle.
Always a chance thou I suppose as above post the bat is not the same
Second hand bats are always a risk, sometimes you get lucky, sometimes not