Commonwealth Bank (CBA) has been hit with another class action, with the latest lawsuit alleging the lender’s financial planners sold customers “overpriced inhouse” life insurance products.

The bank announced on Friday that Shine Lawyers has started class action proceedings in the Federal Court against Commonwealth Financial Planning and Financial Wisdom, two CBA-owned businesses. Financial Wisdom has ceased providing licensee services since May 12 and no longer has advisers authorised to provide advice under its licence.

The proceedings are “in relation to certain CommInsure life insurance policies” that were recommended by financial advisers appointed by the two businesses, CBA says in a statement.

Shine has also targeted CBA subsidiary Colonial Mutual Life Assurance Society in the class action.

CBA says the claim is being reviewed and the bank “will provide any update as required when appropriate”.

Shine Lawyers declined to provide details about the class action but says it will issue a statement later today.

The law firm has previously announced it plans to file separate class actions against CBA, Westpac-owned BT and AMP for allegedly charging customers excessive insurance premiums.

The AMP class action has already been filed in the Federal Court.