The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has since said it may now be time for legal action.

BBC: Online share tips warning

But Apcims, the representative body of the stockbroking industry, said the archbishops were wrong to call for an outright, long-term ban on short-selling.

BBC: Archbishops attack City practices

"It is market abuse which is wrong and this can occur when holding either long or short positions, " said David Bennett, CEO of Apcims, the Association of Private Client Investment Managers and Stockbrokers.

BBC: Archbishops attack City practices