The Financial Services Compensation Scheme has received more than 200 claims against the collapsed Lifetime Sipp Company in less than two months.
Company data provided to Money Marketing by the FSCS showed 19 claims had been received as at 30 May.
However, the FSCS confirmed this week that the number of claims has now ballooned to 220.
Administrators Kingston Smith & Partners previously estimated compensation claims against the Sipp provider would be valued around £56m.
Around £22m of claims were from clients who have no insurance, while £34.5m may have insurance.
Claims against the against the Sipp provider were opened in April but the FSCS is yet to confirm any breakdown about the value of claims until they have been assessed.
The time to process the claims has been approximated as 375 hours and at a cost of £280,000.