Give CBA's review a chance:Cormann

Finance Minister Mathias Cormann believes a review program set up by the Commonwealth Bank to deal with the scandal surrounding its financial advisers should be given a chance to operate.

Responding to calls from the Labor opposition to hold a second inquiry into the bank, over dodgy advice given to clients that resulted in millions of dollars being lost, Senator Cormann said the CBA's review was the most "efficient and effective" way to resolve the issue.

CBA boss Ian Narev announced its Open Advice Review Program last week when formally apologising to more than 1100 customers for their loss of savings.

"I believe that review program should be given a chance to work," Senator Cormann told the Senate on Wednesday.

Labor is pushing for a fresh inquiry that will also investigate government changes to financial advice laws.

An earlier inquiry recommended the government look at initiating a royal commission.

Opposition Leader Bill Shorten believes not everything is known about behaviour at the CBA that involved forgery and concealment of material facts from clients.

"I'm not convinced the government is doing anything to prevent this happening again to thousands of other Australians," he told reporters in Sydney.

It was "unbelievable" that at the same time the government is watering down protections for consumers.

The government by-passed parliament last week with changes to Labor's Future of Financial Advice (FoFA) laws to operate from July 1.

So far, it hasn't tabled the regulations that allowed it to take that action, despite efforts by Labor senators for them to be formally released.

The financial services industry is open to another parliamentary inquiry, but believes it should focus on the future, not just the past.

Financial Services Council chief executive John Brogden said parliament needs to review whether the Labor's advice (FoFA) laws will deliver more affordable and accessible quality advice, as promised when they were in power 2010.

He said he believes the government's proposed changes to FoFA will make advice more affordable and accessible while maintaining quality and consumer protection.