Bad apples can be picked from the bushel of financial advice with a new website to identify dodgy planners.

A new national register is at the centre of the Federal Government’s response to a five-month parliamentary inquiry into the Commonwealth Bank planning scandal.

Years of poor advice have led the CBA to put up a multi-million dollar compensation fund for clients, but the case has smashed investor confidence in the industry.

CBA chief executive Ian Narev has recently announced the bank will increase its original $59 million compensation scheme for 11,000 clients who received conflicted financial advice between 2003 and 2012.

In a similar recent finding, Macquarie Private Wealth was forced to offer remediation to 160,000 clients for its poor advice.

However, Finance Minister Mathias Cormann is expected to reject the inquiry’s main recommendation for a royal commission into the scandal, as he believes the bank’s compensation scheme is good enough.

“We’ve confirmed our initial view that we are not going down the path of a royal commission and that the CBA’s open review program should be given a chance to work,” Senator Cormann told Fairfax Media reporters.

“Instead of another inquiry. . . the most important focus must be on resolving any legitimate outstanding grievances from affected customers.”

Shadow treasurer Chris Bowen has launched a new ‘Adviser Ratings’ website at the Association of Financial Planners conference.

The site lists the names and details of 18,000 financial planners, including their education, work history, membership to professional bodies and whether they have received any sanctions or banning orders from the regulator.

Calls for such a register have come partly from concern that a number of ‘rogue’ financial planners, who gave conflicted advice at the CBA’s financial planning firms, were allowed to remain in the industry and were even promoted or employed by other major banks.

The government-backed register will cost about $5 million to set up, funded by an increase in the current lodgement fee for an Australian Financial Services licensee, up from $5 to $44.