Following a recent investigation into the Church of England's investment scheme, it has come to light that the Church indirectly funded controversial payday lenders Wonga. The Church have taken an extremely strong stance against these payday loan companies and is facing embarrassment after these reports. Looking into the Church's investment's were a group of Financial Times journalists who spotted that they hold 'more than £1m investment in one of the main financial backers of Wonga' - the US venture capital firm Accel Partners.
Stating they were "unaware" as to how this investment was carried out, the money stems from the Church's £5bn pension fund. Speaking in Total Politics magazine recently, Archbishop of Canterbury Justin Welby stated that the Church were throwing their backing behind 'credit unions to offer an alternative to Wonga'. A move which has been praised by many, these reports unfortunately counter the Church's stance and they need to act quick to amend this error.
Meanwhile, Wonga, who are surely enjoying the coverage, are said to be working on a campaign 'setting out it's "10 commitments" in a cheeky riposte to Welby'. Founder of Wonga, Errol Damelin has welcomed the competition from credit unions and their different approach.
Read more over at The Guardian.