What happens to iron(III) sulfate (ferric sulfate) in aqueous solution? Iron(II) sulfate (ferrous sulfate) is a salt that, in an aqueous solution, dissolves and yields $\ce{Fe^{2+}(aq)}$ and $\ce{SO4^{2-}(aq)}$. It then decomposes to ferric sulfate shortly thereafter.

But what happens to the iron(III) sulfate (ferric sulfate) in solution? Is the $\ce{Fe_2(SO_4)_3}$ compound preserved?
In aqueous solution $\ce{Fe2(SO4)3}$ dissociates into $\ce{Fe^{3+} (aq)}$ and $\ce{SO4^{2-} (aq)}$ ions. The sulphate ions will be solvated by hydrogen bonding with the water and the iron ions will form the hexaaquairon(III) complex, $\ce{[Fe(H2O)6]^{3+}}$.

As @Mithoron mentioned, the $\ce{Fe^{3+}}$ ions cannot easily be further oxidised so no additional reaction takes place.