Justin Welby, the Archbishop of Canterbury, is "embarrassed" and "irritated" by revelations that the Church of England pension scheme indirectly invested in payday lender Wonga.
Yesterday, Welby said the church planned to drive Wonga, and other payday lenders, out of business by helping credit unions provide better, cheaper lending options.
It was later revealed that the church's own pension fund had invested cash in funds that provided money for Wonga, the BBC reports.
Speaking on the Today Programme this morning Welby said the pension fund's investment rules should be reviewed.
The Archbishop said a total of £75,000 was invested in Wonga through the pension fund - compared to a total pension fund investment pool of £5.5bn.
"It shouldn't happen, it's very embarrassing, but these things do happen and we have to find out why and make sure it doesn't happen again," he said.
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