Regulatory Legal Solicitors has been consulted by IFA clients who have received a letter of claim from Herbert Smith solicitors acting for the FSCS.
The letter has been sent to IFA firms where their investor clients have received payment from the FSCS in respect of Keydata claims.
It sets out the intention of the FSCS to recover payments from IFA firms.
The basic allegation is that the advice to clients was negligent and that the IFA firms should repay the FSCS.
Firms who receive the letter are being invited to enter into a "constructive dialogue" with the FSCS before it issues formal proceedings.
Protective proceedings have been issued by the FSCS for recovery of the payments.
Dexter Perrott, director of Regulatory Legal Solicitors, said: "The FSCS are clearly intending to recover monies paid out to investors.
"This will be the first mass scale recovery attempt by the FSCS. It raises points of law about the duty of care owed by advisers, which need to be clarified."
The FSCS levied the investment industry about £242m of a total £326m interim levy for Keydata compensation costs.