Chris Pearce, the Parliamentary Secretary to the Treasurer has announced that he is " working on a series of proposed refinements that I believe will improve the operation of the legislation.

These refinements will be based on the feedback I have received from industry
  and consumer representatives, as well as from Treasury, ASIC and FSAC…

It is particularly important to ensure that any proposed changes reduce compliance
  costs for industry rather than impose further burdens."

"These areas include, by way of example, the application of the regime to telephone
  transactions, whether it can be streamlined to reduce costs in relation to ongoing
  advisory relationships and the extent to which it should apply to particular
  financial products or in particular situations."