The man charged by the archbishop of
Developing the church as an alternative source of credit for people who are considered high risk by conventional lenders is a central concern of the archbishop,
The Church has taken a central role in responding to the rise of the credit companies ,whose sharp practices have alarmed MPs and debt advice experts.
In his first interview as chair of the
"There's been a lot of focus on the price of credit and whether credit should be capped, but when you talk to people on the ground who've used payday lenders, the speed of access and the term of the loan are critical. We need to have more of a debate around that."
Members of the task group include the bishops of Stepney and Hull, representatives of credit unions, and executives with senior level experience in banking and regulation.
This summer the Church will launch a credit union for its own employees. Sants indicated this was just the start. "There is a question of whether that or some other mechanism could provide a service to a wider group."
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