Ex-Financial Services Authority (FSA) chief executive Sir Hector Sants is being courted by the Archbishop of Canterbury to lead a financial taskforce, just two months after leaving a key role at Barclays with "extreme stress and exhaustion".
The Daily Mail reports that Justin Welby approached Sants (pictured) to head up a ‘ten-year plan' to drive payday lenders out of business and produce a ‘radical new theology of finance'.
It is thought the Church of England taskforce will make church buildings available to credit unions and recruit volunteers to help run them.
The Reverend Malcolm Brown, head of mission and public affairs at the Church, who is setting up the task force, said the plan had come out of the Archbishop's work on the Banking Standards Commission.
The Archbishop criticised the banking sector for its lack of competition and believes a major bank should be broken up to create regional lenders.
Welby is concerned that desperate borrowers who cannot get a loan from High Street lenders are resorting to high cost payday firms.
Church insiders told the Mail that Sants was approached before Christmas and asked if he felt well enough to do the job. Sants is said to have declared he had made a full recovery.
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