Independent expert KordaMentha Forensic has been appointed to oversee Commonwealth Bank’s compliance with new licence conditions imposed on its financial planning arms.

The move is part of an agreement with the Australian Securities and Investments Commission.

The conditions were imposed following the bank’s admission that a compensation process has not been applied to every customer of Commonwealth Financial Planning (CFP) and Financial Wisdom.

KordaMentha will regularly update the regulator on the group’s efforts to identify high-risk advisers and affected customers. CFP and Financial Wisdom must tell affected customers about the options available to them, which include a review of advice given and $5000 to obtain independent financial or legal advice.