1. National

Welby: Wonga 'embarrassment'

The Archbishop of Canterbury has admitted he is "embarrassed" and "irritated" after learning the Church of England indirectly invests in online lender Wonga - the focus of Justin Welby's criticism over payday loans yesterday.

View all 23 updates ›

Church of England 'indirectly invests in Wonga'

The Church of England’s pension fund has admitted it invests in one of Wonga’s key financial backers, the Financial Times (£) reported.

The fund invests in Accel Partners, a US venture capital firm that led the fundraising for Wonga in 2009, the report states.

The Archbishop of Canterbury told Wonga the Church of England wants to 'compete it out of existence;. Credit: Dominic Lipinski/PA Wire

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.”

More on this story