ASIC has banned former Perth-based financial adviser Rhys James Rolls Reilly from providing financial services for ten years and has suspended the AFS licence of Conexus Group Pty Ltd until 31 July 2026. Both decisions took effect on 8 April 2026.
According to ASIC, the banning order followed findings that Mr Reilly had engaged in serious misconduct while providing financial advice. ASIC stated that this conduct included accepting conflicted remuneration, making false or misleading statements to clients and failing to act in clients' best interests.
ASIC also reported that the suspension of Conexus Group Pty Ltd's AFS licence will remain in place until 31 July 2026, during which time the firm cannot legally provide financial services. ASIC said the suspension was necessary while Conexus updates its licence arrangements and severs its relationship with Mr Reilly.
ASIC stated that these regulatory actions were taken to protect consumers and maintain confidence in the financial advice sector.
For full details of ASIC's findings, see the official ASIC media release.