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Archbishop warns Wonga it could be run out of business
The Archbishop of Canterbury has warned the on-line lender Wonga that low-cost credit unions could force it out of business. The Most Rev Justin Welby told the company that the Church of England wants to "compete it" out of existence. In a magazine interview, Archbishop Welby said he spoke to Errol Damelin, Wonga's chief executive. Wonga has been criticised for its high rates of interest. Mr Damelin said they had had a wide-ranging talk. "I've met the head of Wonga, and we had a very good conversation," the Archbishop told Total Politics magazine.....Read more hereYou must be logged in to post a comment.
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The Archbishop of Canterbury said he was "embarrassed" and "irritated" that the Church of England invested indirectly in online lender Wonga. It comes after the Most Reverend Justin Welby told Wonga the Church would try to force it out of business by helping credit unions compete against the firm. But the Church later said it invested in funds that provided money for Wonga. Archbishop Welby told the BBC he wanted the Church's investment rules to be reviewed following the row. Lambeth Palace said an independent inquiry would be launched into how "this serious inconsistency" occurred. The amount of Church money indirectly invested in Wonga was about £75,000 out of investments totalling £5.5bn, according to the archbishop.....Read more here