The former Co-op Bank chairman has apologised after a newspaper claimed he bought and used illegal drugs after appearing before a committee of MPs.
A video on the Mail on Sunday website shows Paul Flowers, who is also a Methodist minister, handing over £300 in a car, apparently to buy cocaine.
He was filmed by an acquaintance who said they met online.
Mr Flowers said he had done things that were "stupid and wrong" and was seeking professional help.
'Difficult year'The Mail on Sunday alleges that Mr Flowers, who left the Co-op in June this year - five months before his recent appearance at the Treasury Committee - handed over money for cocaine last weekend.
Stuart Davies, who made the film, told the paper he exposed the Methodist minister because he was disgusted by his hypocrisy.
End Quote Paul Flowers Former chairman of Co-op bankAt the lowest point in this terrible period, I did things that were stupid and wrong"
In a statement released via the Methodist Church, Mr Flowers said: "This year has been incredibly difficult with a death in the family and the pressures of my role with the Co-operative Bank.
"At the lowest point in this terrible period, I did things that were stupid and wrong.
"I am sorry for this, and I am seeking professional help, and apologise to all I have hurt or failed by my actions."
The Methodist Church said Mr Flowers has been suspended pending an investigation.
A church spokesman said: "We expect high standards of our ministers and we have procedures in place for when ministers fail to meet those standards.
"Paul is suspended from duties for a period of three weeks pending investigations and will not be available to carry out any ministerial work.
"We will also work with the police if they feel a crime has been committed.
"We are also asking people to pray for all those involved in and affected by this story."
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