ANZ has unveiled a raft of changes to improve the quality of its financial advice offering, including removing sales incentives for financial planning.

The bank says financial planners will be assessed only on customer satisfaction, ANZ values and risk and compliance standards.

Advisers who provide inappropriate advice will be removed after they fail two audits.

Customers who are concerned about their financial position will be offered a free advice review, ANZ says.

Advisers will be hired only if they hold a relevant degree and industry certification, and all advisers need to be enrolled in further required training by next January.

The bank says it will complete compensation on about 9000 cases of inappropriate advice by the end of the year.