Archbishop Welby 'embarrassed' over Wonga funding
26 July 2013 Last updated at 19:00 BST
Archbishop of Canterbury Justin Welby says it is "very embarrassing" that the Church of England's pension fund indirectly invested in controversial payday lender, Wonga.
The revelation came a day after Archbishop Welby had said he wanted to force such firms "out of business" by expanding a network of credit unions to compete with them.
On Friday, he said there would be a review of the Church's investments - but acknowledged that it had to live in the real world.
Robert Pigott reports.