The possible move from the Association of British Insurers’ investment committee is due to be discussed at a meeting today.

It follows widespread shareholder fury at private equity group TPG’s rescue stake-building in Bradford & Bingley.

The meeting comes as B&B chairman Rod Kent launches a City campaign this week to explain why the bank saw the rescue package as its best option.

It is believed the Financial Services Authority feared a Northern Rock-style run on the bank unless something was done quickly.

The ABI’s investment committee includes Stand­ard Life, Scottish Widows, M&G and Legal & General, who between them own 20 per cent of the stock market.

They are angry at not being offered the first chance to buy B&B shares when TPG bought a 23 per cent stake for £179million at 55p per share.

This was a sharp discount to the 82p on offer from B&B’s original £300million rights issue.

ABI’s head of investment affairs, Peter Montagnon, said big investors did not believe the self-induced problems at B&B posed a risk to the financial system.