The review is part of the FSA's ongoing investigation into the mis-selling of 'precipice' bonds, which has already seen Lloyds TSB ordered to pay £100m in compensation to investors.
The review comes after the FSA found nearly 70 per cent of these types of bonds were bought through direct mail or advertising channels.
IFAs typically mail material produced by product providers as an intermediary.
FSA spokesman Robert McIvor said: "Consumers see mailings as bordering on advice. IFAs say it's just information on products. This is a big difference."
According to Sean Larrangton-White, chairman of Tank!, the body representing financial services marketers, any change of classification could be damaging for IFA's income stream.
However, he recognised that there is a perception issue. "Most prospects already have an existing relationship with an IFA. This makes them far more likely to respond and is why the material could be seen as being more personal to them," said Larrangton-White.
McIvor added: "IFAs are arguing that because it's not personalised to a prospect's income level and attitude to risk, the mail is still generic."
An FSA decision is not due until early next year.
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