The Daily Telegraph reports that The Most Rev Justin Welby has approached Sir Hector, who also led the Financial Services Authority throughout the financial crisis, to drive payday lenders such as Wonga out of business and create a new way of thinking about finance.
Officially called the Archbishop’s Taskgroup on Credit Unions and the Financial Sector, the 10-year plan will see the Church open its doors to credit unions and recruit volunteers to run them, sources told The Telegraph.
If appointed, it marks a remarkable turnaround for Sir Hector, who resigned from his role as head of compliance and government and regulatory relations after just 10 months.
He was placed on sick leave on October 15th, as a result of being diagnosed with “exhaustion and stress” and left the bank a month later.
To access the complete Daily Telegraph article hit the link below:
image: © Barclays