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.
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."
After a national newspaper revealed the Church of England has links to pay-day lender Wonga, Lambeth Palace has responded. This follows the Archbishop of Canterbury's promise to take on pay-day lenders like Wonga.
"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 and to review the holding in this pooled investment vehicle."
"We will also be requesting the Church Commissions to investigate whether there are any other inconsistencies as normally all investment policies are reviewed by the Ethical Investment Advisory Group (EIAG)."
The Church of England has called for an investigation into its own pension fund after The Financial Times revealed it had links to pay-day lender Wonga. It comes as the Archbishop of Canterbury, and former Bishop of Durham, Most Rev Justin Welby, said he wants to take on pay-day lenders.
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.”