A beleaguered wealth management company says it has not begun refunding customers the estimated $223 million it owes them.

Wealth management firm IOOF was savaged in the banking royal commission for either providing inappropriate advice or making clients pay for nothing.

IOOF chief executive Renato Mota has fronted a parliamentary hearing to explain how the company is changing its ways.

Mr Mota said the company has set aside $235 million for remediation.

“We have not commenced the remediation because we're still working through that analysis,” he said.

He said the review had been going on for less than six months, but could not say how many cases were actually involved.

Mr Mota said 14 financial advisors had been sacked.

“We've had to challenge our attitudes and behaviour,” he said.

“We're learning from these past failings.”