A group of Equitable policyholders are believed to be urging Treves, who will retire later this year, to stand as an independent member of parliament.
Policyholders are still being denied compensation from the Government after losing money when the firm collapsed, despite Parliamentary Ombudsman Ann Abraham finding the Government partly responsible.
One source close to the chairman said Treves sees entering politics as the only way to ensure justice for the victims.
An Equitable Life spokesman says: “He is furious about the failure of the Government to accept the Parliamentary Ombudsman’s recommendations and is keen to find any way to fight for policyholders.
“Some policyholders have suggested he stands as an MP. Obviously it is early days but it is something to think about.”