The Archbishop of Canterbury has admitted he is "embarrassed" and "irritated" after learning the Church of England indirectly invests in online lender Wonga - the focus of Justin Welby's criticism over payday loans yesterday.
The Church of England’s pension fund has admitted it invests in one of Wonga’s key financial backers, the Financial Times (£) reported.
The fund invests in Accel Partners, a US venture capital firm that led the fundraising for Wonga in 2009, the report states.
A Lambeth Palace spokesperson said: “We will be asking the Assets Committee of the Church Commissioners to investigate how this has occurred and to review the holding in this pooled investment vehicle.”
The Archbishop of Canterbury has told Wonga that the Church of England wants to "compete it out of existence" by supporting credit unions.
The Church of England plans to expand credit unions as an alternative to payday lenders - but what are they?