About 500 investors are considering making mis-selling claims against their advisers for recommending unregulated collective investment schemes (UCIS) linked to the film industry over the past ten years, the FT reports.
The Financial Times said film investment schemes have left investors potentially facing multi-million pound bills after HM Revenue & Customs (HMRC) statrted proceedings to remove their tax relief.
Rebus Investment Solutions (RIS) is one of the firms acting for the complainants. It dubbed the mis-selling of the investments as "payment protection insurance (PPI) for the wealthy".
The firm's Alastair McEwan said: "The financial services industry devised PPI for the man in the street, interest rate swaps for businesses and UCIS for the wealthy."
The FT said Rebus was representing more than 60 investors in Eclipse 35, a film production scheme that lost its right to tax relief, pending an appeal, after losing a tribunal.
Investors in Eclipse include Sir Alex Ferguson and Sven Goran Eriksson.
The FT said Eclipse was not the subject of complaints, which are against advisers who sold the investments.
Pannone, a Manchester law firm, has about 50 clients who want to litigate against advisers if HMRC is successful in denying tax relief.
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m