Arab Today, arab today coe leader \furious\ over pension fund investment
Last Updated : GMT 11:48:08
Arab Today, arab today
Arab Today, arab today

CoE leader \'furious\' over pension fund investment

Arab Today, arab today

Arab Today, arab today CoE leader \'furious\' over pension fund investment

London - AFP

Church of England leader Justin Welby was said to be \"furious\" after finding out its pension fund invested in a high-interest loans company he had earlier promised to destroy. Welby, who as Archbishop of Canterbury is spiritual leader of the world\'s 85 million Anglicans, vowed to \"compete\" payday lender Wonga out of existence by promoting not-for-profit credit unions. But the Financial Times revealed that the Church had invested in US venture capitalists Accel Partners, who led Wonga fundraising in 2009. The Church explicitly bans investing in firms involved in payday lending. Lambeth Palace, the archbishop\'s headquarters, said an independent inquiry would probe how \"this serious inconsistency\" occurred, while Sky News reported that Welby was \"furious\". He said in an interview published late on Wednesday that he had told Errol Damelin, chief executive of the British payday lender Wonga, of his plans to take on his company. \"I\'ve met the head of Wonga and we had a very good conversation,\" the archbishop, a former oil executive, told Total Politics magazine. \"I said to him quite bluntly, \'We\'re not in the business of trying to legislate you out of existence, we\'re trying to compete you out of existence\'. \"He\'s a businessman, he took that well.\" Wonga is one of Britain\'s best-known providers of short-term, high-interest loans. It also operates in South Africa. Its customers are typically charged an interest rate that, expressed in annual terms, equates to 5,853 percent. The loans are usually for amounts well under £1,000 ($1,500, 1,200 euros) and are agreed for up to six weeks. There is a growing campaign in Britain against so-called payday lenders, and the £2 billion industry is facing investigation by the Competition Commission after a trading watchdog found there were \"deep-rooted\" problems with how it operates. Wonga insists it is a responsible lender and that it has been \"instrumental\" in helping to raise industry standards. \"The archbishop is clearly an exceptional individual and someone who understands the power of innovation,\" said Damelin, the company\'s chief executive and founder. \"There is mutual respect, some differing opinions and a meeting of minds on many big issues. \"On the competition point, we always welcome fresh approaches that give people a fuller set of alternatives to solve their financial challenges. I\'m all for better consumer choice.\" Welby, who came into office in February, spent 11 years in the oil industry, working for French company Elf Aquitaine and oil exploration group Enterprise Oil PLC, based in London. He has launched a campaign to expand credit unions as an alternative to payday lending that he hopes will boost competition in the banking sector. Members of credit unions pool their savings in order to provide each other with low-interest credit and other financial services. Crucially, they are not aimed at making a profit. The British government announced in April that it was investing £38 million in credit unions to help them provide an alternative to payday lenders. Welby launched a credit union for clergy and church staff last month.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today coe leader \furious\ over pension fund investment Arab Today, arab today coe leader \furious\ over pension fund investment

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today coe leader \furious\ over pension fund investment Arab Today, arab today coe leader \furious\ over pension fund investment

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Ryanair's O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

Ryanair's O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday