Former FSA chief executive Sir Hector Sants has been approached by Archbishop of Canterbury Justin Welby to lead a new financial taskforce, according to The Telegraph.
Sants, who resigned from his role as Barclays head of compliance and government and regulatory relations in November due to stress, is said to have been asked by Welby to lead the Archbishop’s Taskgroup on Credit Unions and the Financial Sector.
According to The Telegraph, the taskforce will seek to drive payday lenders out of business and “create a new way of thinking about finance” as part of a 10-year reform plan.
In July Welby, who sat on the parliamentary commission on banking standards, revealed he had told Wonga founder and chief executive Errol Damelin that he wants his company to come under more competitive pressure.
He said: “We’re not in the business of trying to legislate you out of existence, we’re trying to compete you out of existence. He’s a businessman, he took that well.”
The Church of England is also in the process of setting up a credit union and it wants to use its 16,000 churches to grow the service.