Welby: Websites should be named and shamed

16 October 2015

iSTOCK

THE Archbishop of Canterbury has called for price-comparison websites that put payday lenders at the top to be “named and shamed” for misleading customers looking for the best deal.

Archbishop Welby, a member of the parliamentary commission on banking standards, said last week that comparison sites that “misbehave” in this way should be pulled up in Parliament, be given “higher capital requirements”, and have “regulators breathing more heavily down their necks”.

He said that, although there was a place for regulation, it did not “solve everything”, and the main drivers of change were “culture, convention and condemnation by society”.

The Archbishop was speaking in an interview with Campaign for Fair Finance when he referred to his promise two years ago to “compete” payday-loan providers, such as Wonga, out of existence (News, 25 July 2013).

His promise sparked the Church of England-backed initiative #ToYourCredit, which resulted in the formation of the Churches Mutual Credit Union (CMCU), and the establishment of Church Credit Champions.

The champions — parishioners and clergy — are trained to lead the C of E’s charge against loan sharks through the use of affordable credit, through credit unions. They were commissioned in London earlier this month (News, 2 October).

Coronavirus (Covid-19) update

The latest: Daily news updates

Get the free Church Times email bulletin

RESOURCES FOR CHURCHES 

> Lift Up Your Hearts: 3 April (PDF download)

> All our recommended resources for prayer, worship, live streaming and more

SHORT-TERM SUBSCRIPTION

Unable to get to the newsagent or pass on your copy of the Church Times as usual?

Get the paper delivered for the next few weeks

Welcome to the Church Times

​To explore the Church Times website fully, please sign in or subscribe.

Non-subscribers can read four articles for free each month. (You will need to register.)