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The Financial Advisers Standards and Ethics Authority (FASEA) relinquishing possible Standard 3 tweaks after its consultations highlighted a divergence in views between consumer representatives and industry participants.

Due to the wind-up of FASEA and transfer of functions to Treasury and Australian Securities and Investment Commission (ASIC) at the end of 2021, FASEA “considers it appropriate that any final determination on amendments to Standard 3 be addressed by the minister in 2022”.

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