The Commonwealth Bank is expanding its review of financial advisers to determine if more customers need to be compensated for receiving dodgy advice.
The bank has been carrying out a wide-ranging review of its financial planning arms after more than 1,100 customers lost their savings due to poor advice.
The corporate regulator on Thursday said while a new report by forensic accountants KordaMethna found reasonable steps were taken to identify who needed compensation, the review needs expanding.
As a result, the Australian Securities and Investments Commission has ordered the bank to review client files of 17 financial advisers to determine whether they lost money due to bad advice.
"If any of their clients are found to have lost money as a result of inappropriate advice, they will be compensated in a process overseen by KordaMentha Forensic," ASIC said.
The bank's Commonwealth Financial Planning and Financial Wisdom have been working since 2012 to identify issues with dodgy advice.
Commonwealth Bank wealth management executive Annabel Spring said six files would be examined in the expanded review.
"We will now work with ASIC and KordaMentha Forensic to complete the further reviews," she said.
"If any customer received poor advice that resulted in financial loss, we apologise and will compensate them."
The bank began warning customers in 2014 they may have received poor advice and that an internal review was underway.
But a report released by KordaMentha in April this year criticised the bank's response to the scandal as deficient and inconsistent.
The bank then offered up to $14 million to victims to have their cases independently reviewed.
That offer came on top of $52 million the bank had already paid to victims of high-risk advisers, the first case of repayments in a financial planning scandal that has also engulfed Macquarie Group, National Australia Bank and ANZ.
ASIC commissioned KordaMentha to carry out three reports into the bank's response to its financial advice failures.
In its latest report, KordaMentha found that the bank's financial planning arms took reasonable steps to identify high-risk advisers and customers who needed compensation.
However KordaMentha questioned the processes used to discover whether a group of potentially high-risk advisers should have been included in the compensation program.
KordaMentha's third and final report is due in 2016.
