Following scandal, Archbishop Justin Welby offers to open up credit unions

From The Washington Post-

Archbishop of Canterbury Justin Welby, said he was embarrassed and irritated following revelations that the Church of England has invested millions of pounds in a company that financially backs England’s leading payday lending company, Wonga.

Welby told the BBC:  “We must find out why this happened and then make sure that it never happens again.”

News that the Church of England invested several million pounds into Accel Partners, the U.S. venture capital company that led to the launch of Wonga, which dominates the 2 billion pound payday lending market in England, was broken by the Financial Times. Wonga charges annual percentage rates of more than 5,000 percent.

A spokesperson for Lambeth Palace, Welby’s London home, said: “We are grateful to the Financial Times for pointing out this serious inconsistency of which we were unaware. We will be asking the assets committee of the Church Commissioners to investigate how this has occurred.”
More here-

http://www.washingtonpost.com/national/on-faith/following-scandal-archbishop-justin-welby-offers-to-open-up-credit-unions/2013/07/26/8507c410-f628-11e2-81fa-8e83b3864c36_story.html