The advisory group will examine the past activities of the two arms - Commonwealth Financial Planning and Financial Wisdom - to see whether they have complied with new licence conditions.

It will pass the information on to the Australian Securities and Investments Commission to identify any high-risk advisers or affected customers.

The two arms were at the centre of the Commonwealth Bank's financial planning scandal, revealed by Fairfax Media over a series of investigations.

ASIC said it would release the findings of KordaMentha, and CFP and FW will be required to address any deficiencies identified.

"ASIC imposed the conditions on CFP and FW – and flagged it would appoint an external compliance expert – after a scheme developed to compensate customers of former CFP advisers was not applied consistently across all affected customers of the two businesses," it said.

"This inconsistency disadvantaged some customers."

The regulator said KordaMentha was appointed following a "competitive tender process".

The new licence conditions for CBA's financial planning arms call for an independent customer remediation process and a supervised advice review separate to CBA's own remediation program.

The bank said it acknowledged the appointment of KordaMentha.

"KordaMentha Forensic's role will involve preparing three reports for ASIC," it said.

"Following the delivery of the first report by KordaMentha Forensic, CFPL and FWL will start contacting customers."