Commonwealth Bank will conduct an inquiry into the misconduct of its own financial advisers.

The bank has announced that Retired High Court judge Ian Callinan will chair a review into the dodgy dealings of many CBA staff, who effectively swindled thousands of customers out of millions of dollars.

Reports so far have said that while a few managers were fired over the scandal, some were re-hired while others were promoted.

“The Independent Review Panel forms a key part of the Open Advice Review program, which is designed to deliver efficient, fair and consistent outcomes for any customers of Commonwealth Financial Planning and Financial Wisdom who may have received poor financial advice between September 2003 and July 2012,” the bank said in a statement.

Callinan's roles will largely be in advising bank chief executive Ian Narev to make sure the review “fulfils its primary objective of supporting affected customers and guaranteeing an independent review of their cases”.

“Mr Callinan will also have input on appointments of other senior experts to the Independent Review Panel, who will be suitably qualified and equally independent people,” the bank said.

“Mr Callinan will then chair the panel as it considers any unresolved customer cases through the duration of the program.”

Labor is still calling for a royal commission into the CBA's misconduct, even after Mr Narev last week apologised to more than 1100 customers for their loss of savings.