“The cowboys are ruining lives and it is going to take a new sheriff and a few good men such as the Archbishop to stop this scourge” / James Coney

Church plans to ‘compete’ Wonga out of business. The Most Rev Justin Welby told the South African born Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders..

Editor : All those rumours – The question is – Who is the behind the scenes controller at the top of the Wonga credit tree?  What role do Accel partners have?

Late news…oops Welby fury as CofE pension fund profits from Wonga: Revelation after archbishop threatens to put payday lenders out of business

In April the government announced an investment of £38m in credit unions, to help them offer an alternative to pay-day lenders..

An investigation into the payday loan industry by its regulator found widespread irresponsible lending earlier this year.

The measures will be considered by the Financial Conduct Authority, which formally takes over regulation of the industry from next April..

Full story at BBC News.