More than 100 clients of AWD Chase de Vere are understood to be re-assessing the advice they received on investments made in Keydata.
It follows a recent financial Ombudsman (FOS) recommendation that AWD compensate one client who claimed he had been over-exposed to the failed provider. AWD is currently challenging that ruling.
However, law firm Regulatory Legal says it has received "a significant number" of enquiries from other AWD clients invested in Keydata.
The clients have requested from the law firm an information pack on how to claim compensation if they believe they were mis-sold or over-exposed to Keydata investments.
Regulatory Legal says the number of enquiries it has so far received about AWD is second only to those about Norwich & Peterbourgh (N&P) Building Society.
The Birmingham-based firm has already been instructed to seek compensation on behalf of 300 mainly N&P investors in the failed life-settlements vehicle.
AWD says it is "surprised" at the figure quoted by Regulatory Legal.
"These numbers are significantly higher than the number of clients who have come to us with complaints," spokesman Patrick Connolly says.
Regulatory Legal believes AWD may have the second biggest exposure to Keydata compensation claims after the building society.
"We are seeing a recurrence with certain firms," legal assistant Michael Cotter says.
"We have had a significant level of enquiry from AWD Chase de Vere investors. AWD appear to have a significant exposure to Keydata, second only to the £50m exposure of N&P."
N&P chief executive Matthew Bullock admitted Keydata could cost the society £50m - 50 times the profit it made last year.
AWD's Connolly adds: "I do not understand using a law firm when the Financial Services Compensation Scheme (FSCS) have said they will accept claims and there is a complaints process which is free for clients to use rather than pay 10%."
Regulatory Legal has batted away accusations it is "ambulance chasing" in the wake of the Keydata collapse, saying the FSCS have so far failed to clarify the right of investors to compensation beyond that they are "eligible".
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