Hedge funds SRM and RAB Capital are reportedly due to file compensation claims relating to Northern Rock(NRK) this week. Both investors have argued the bank’s collapse was not just the fault of its aggressive business model and blame the authorities’ handing of the crisis. Any successful claim would apply equally to private investors. The hedge funds are said to be considering naming individuals in a claim – it is speculated this could include Bank of England governor Mervyn King or the chancellor Alistair Darling.

The traditional long-only fund managers on Northern Rock’s register have so far been silent. But there are reports Legal & General – one of the UK’s largest asset managers – is considering legal action. The government nationalised Northern Rock last month after successfully getting the necessary legislation through parliament.