The new chairman of payday lender Wonga has pledged "significant change" after the firm "made mistakes" in sending out letters from fake lawyers to customers in arrears.
ITV News Business Editor Joel Hills confirmed the appointment, tweeting:
Wonga appoints former boss of RSA as new Chairman. Andy Haste says he has mandate for "significant change" and that Wonga "made mistakes".
Andy Haste says he was approached by Greylock - one of Wonga's shareholders - before fake law firm letters made public.
Andy Haste warns that the changes necessary to win full FCA authorisation will make Wonga "a smaller and less profitable business".
ITV News Consumer Editor Chris Choi reports:
The Archbishop says Church of England has sold its shares in Wonga - which means it's taken a year to do so since the link was first exposed
A statement released by the Church of England said it was "pleased to announce" its indirect investment exposure to Wonga in its venture capital portfolio has been removed.
– The Church Commissioners for England
The Church Commissioners for England are pleased to announce that their indirect investment exposure to Wonga in their venture capital portfolio has been removed. The Church Commissioners no longer have any financial or any other interest in Wonga.
The terms ensure that the Church Commissioners have not made any profit from their investment exposure to Wonga.
At no time have the Commissioners invested directly in Wonga or in other pay day lenders. The indirect exposure of the Commissioners through pooled funds represented considerably less than 0.01% of the value of Wonga.
The Church of England has severed its ties with payday lender Wonga, the Church Commissioners for England said tonight.