The campaign follows the announcement on 17 January by UK Financial Investments (UKFI), which manages the government’s investments in Britain’s banks, that it was seeking a corporate financial adviser to look at how to return Northern Rock to the private sector.

The motion, tabled by Labour MP for Streatham and Treasury Select Committee member Chuka Umunna, has been backed by former Lib Dem leader Sir Menzies Campbell and former Conservative minister Jonathan Evans.

In addition, Umunna’s fellow TSC members investigating competition and choice in the retail banking sector, Andrew Love and John Thurso, have supported the call for a feasibility study into remutualisation.

Indeed, UKFI official Keith Morgan has told the TSC that returning Northern Rock to mutual status “is a realistic possibility”.

Northern Rock left the mutual sector in 1997 and is now approaching three years in government hands after being nationalised in 2008.

No timetable has been given as to when Northern Rock will be sold off.

The BSA has welcomed the call to remutualise Northern Rock, saying such a move would prove a boost for consumers, increasing diversity in the financial sector and strengthening competition.

A spokesperson said: “We hope that as many MPs as possible support the campaign and we would encourage the Treasury to seriously consider it.”

Nationwide, the Co-operative Financial Services and HSBC will be next in line to give evidence to the TSC on 1 February.