The Church of England has admitted it invests in one of Wonga’s key financial backers, a day after the Archbishop of Canterbury revealed his plans to take on the payday lender he describes as “morally wrong”.
The church, which claims to have a strong ethical investment policy that explicitly bans companies involved in payday lending, invests in Accel Partners, the US venture capital firm that led Wonga’s 2009 fundraising, the Financial Times has learnt.
A Lambeth Palace spokesperson said: “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.”
Read it all (if necessary another link is there).
There are many other matters in Western society that are morally wrong. Killing unborn babies comes to mind, is but one. I hope ABC will speak out as loudly in their protection as he is against payday lenders. Perhaps he could also read The Windsor Report, and take positive action concerning that.