Commonwealth Bank has appointed Promontory Financial Group as the independent expert for its review of the advice provided by its tainted financial planning businesses.Following criticism of the governance and practices of Commonwealth Financial Planning and Financial Wisdom, the bank has committed to addressing any poor financial advice its customers received between 2003 and 2012.Last month the bank appointed retired High Court judge Ian Callinan to chair its review. The independent expert, Promontory Financial Group, is headed by Jeff Carmichael, who was inaugural chairman of the Australian Prudential Regulation Authority.Promontory is global financial services consulting firm. Its founder and chief executive, Eugene Ludwig, will support Carmichael, as will Mary Schapiro, a former chair of the US Securities and Exchange Commission and a member of Promontory's advisory board.The review program will provide an assessment of advice received, as well as access to an independent customer advocate and an independent review panel (Promontory). Commonwealth Bank will be bound by the panel's decisions.In another development, on Friday the Australian Securities and Investments Commission imposed new licence conditions on Commonwealth Financial Planning and Financial Wisdom.ASIC said it took the action after the bank informed it that the original process developed to compensate customers who had received poor financial advice from CFP was not applied consistently across all affected customers of the two businesses.Under the new conditions, customers whose advice was reviewed will be offered a further review along with up to $5000 to pay for independent legal, accounting or financial advice.The bank has also agreed to waive any limitation period or claim threshold for customers wanting to take a dispute to the Financial Ombudsman Service.ASIC said it would appoint an external compliance expert to oversee compliance with the new conditions.The bank was heavily criticised in a Senate committee review handed down last month and the bank has since announced a far-reaching review of the financial planning activities within CFP and Financial Wisdom during that period.The bank has also announced changes to its executive team. The group chief executive, business and private banking, Grahame Petersen will retire at the end of the year.Petersen was the head of the bank's wealth management division between 2006 and 2011, part of the period when poor advice was provided. The bank will conduct a search to find a replacement.Simon Blair, group executive for international financial services, will step down from his role at the end of October.Rob Jesudason, group executive for group strategic development will take over as group executive for international financial services.