The Australian Securities & Investments Commission has issued a 10-year banning order against former financial adviser Rhys James Rolls Reilly and suspended the Australian financial services licence of Conexus Group Pty Ltd until 31 July 2026. The action follows findings of serious misconduct, including accepting conflicted remuneration, making false or misleading statements, failing to act in clients’ best interests and prioritising his own interests, with the measures taking effect from 8 April 2026. The misconduct primarily related to advice recommending investment in the First Guardian Master Fund, including rolling over significant superannuation balances, where ASIC found he failed to properly assess suitability for certain clients and exposed them to unacceptable levels of risk. ASIC found he accepted AUD 100,000 in conflicted remuneration that was not disclosed to clients and made false or misleading Statements of Advice claiming no benefits capable of influencing his advice had been received. The banning order prohibits him from providing any financial services, controlling an entity that carries on a financial services business, or performing any function involved in carrying on such a business. Conexus’s AFS licence was suspended because Mr Reilly was the sole director and person in control at the time of ASIC’s decision, and ASIC considered Conexus likely to contravene its obligations under section 912A while he continued to govern and control it; the suspension is intended to allow Conexus to sever its relationship with him and update its licence arrangements. Mr Reilly may apply to the Administrative Review Tribunal for review, and ASIC’s investigation remains ongoing.

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