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 Archbishop of Canterbury, Justin Welby has told ITV News the Church of England will conduct a review following revelations the church's pension fund indirectly invested in payday lender Wonga.
ITV News Consumer Editor Chris Choi reports:
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?