The Commonwealth Bank has announced retired High Court judge Ian Callinan will head a review into dodgy advice its advisers gave to customers.

Retired High Court judge Ian Callinan will chair a review set up by the Commonwealth Bank to deal with the scandal surrounding its financial advisers.

The Commonwealth Bank on Friday announced Mr Callinan’s appointment, saying it was effective immediately.

“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.

Mr Callinan’s initial priority will be to advise bank chief executive Ian Narev to ensure 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.”

Mr Narev last week apologised to more than 1100 customers for their loss of savings after receiving advice from CBA financial advisers.

Labor has called for a royal commission into the CBA’s misconduct.