"This (the education requirements) is an important next step that continues our investment in the professionalism of the advice industry." Last week, the Commonwealth Bank appointed retired High Court judge Ian Callinan to chair a review set up by the bank to deal with the scandal surrounding its financial advisers. Earlier this month, Commonwealth Bank chief executive Ian Narev apologised to more than 1,100 customers for their loss of savings after receiving advice from Commonwealth Bank financial advisers. Ms Perkovic said both the interim report of the Financial System Inquiry (Murray Inquiry) and the final report of the Senate Economics Committee inquiry into the Australian Securities and Investments Commission (ASIC) had concluded that education levels across the industry needed to be improved. The Financial Planning Association welcomed the Commonwealth Bank's moves to improve standards, saying the bank had listened to indutry feedback and acted.