Talking about the revelation that the church's pension fund had invested in payday lender Wonga, the Most Reverend Justin Welby has said the business is "incredibly complex" and explained of a £5.5bn portfolio, £75,000 was invested indirectly in Wonga without his knowledge.
Speaking on BBC Radio 4 Today's programme, he said: "It shouldn't have happened, it's very embarrassing but these things happen and we have to find out why."
The Most Rev Justin Welby read law and history at Trinity College, Cambridge and began his career in the oil industry based in Paris and London, where he worked on West African - mainly Nigerian - and North Sea projects.
He became a group treasurer in a company called Enterprise Oil, before resigning in 1987 after 11 years in the industry to train for the Anglican priesthood.
He has also served on the parliamentary Banking Standards Commission.
The fund invests in Accel Partners, a US venture capital firm that led the fundraising for Wonga in 2009, the report states.
A Lambeth Palace spokesperson 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.”
Newcastle striker Papiss Cisse has agreed to wear the logo of sponsor Wonga on his shirt.
The 28-year-old Muslim had refused to display the pay-day loan company's branding on his kit because earning interest is forbidden by Islamic Law.
However, after several weeks of delicate negotiations, the Senegal international and the club have now found a solution and the player, who missed the club's pre-season training camp in Portugal as a result of his stance, will return to the fold.
The Archbishop of Canterbury has spoken on BBC Radio 4's Today programme of his "embarrassment" after it was discovered the Church of England's pension fund had indirectly invested in payday lender Wonga.