Yesterday we reported that the Archbishop of Canterbury, Justin Welby, had declared that the Church of England would wage war on pay-day lenders and “compete Wonga out of existence”.
Rather embarrassingly, it has now been revealed by The FT that the Church in fact backs Wonga indirectly, through its investment in Accel Partners, which has in turn invested in Wonga.
The Archbishop is “furious” at the news, according to Sky, and has ordered an immediate review into the Church’s pension fund investments.
Lambeth Palace 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. […]
“We will also be requesting the Church Commissioners to investigate whether there are any other inconsistencies as normally all investment policies are reviewed by the Ethical Investment Advisory Group.”
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