The government’s decision to close FASEA was not unexpected, with hints it may take place appearing in a number of places in recent months.

Treasury and ASIC will take on the standard setting and exam administration of FASEA after the government announced it is winding down the latter.

Plans to scrap FASEA and move its functions into existing government bodies have been met with widespread approval.

A third guidance document on the FASEA code of ethics has only added to confusion and shown the need for a drastic rewrite of the standards, two associations have claimed.

Recently released submissions to FASEA show concerns about conflicts of interest standards were presented to the authority more than a year ago.