Wonga's new chairman thought "long and hard" before taking the job - but says he's ready to bring "significant change" to the payday lender.
The country's biggest payday lender apologised after admitting it sent 45,000 customers letters from fake law firms.
The payday lender's misleading practices has shown how unfairly customers have been treated in the past.
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.
City of London Police said in a statement:
In March 2013 the Office of Fair Trading (OFT) met with the City of London Police to consider their (OFT's) investigation into Wonga and whether it should be referred to the National Policing Lead for Fraud.
The interests of the consumer were at the forefront of these discussions and directed the decision that the most appropriate course of action was for the OFT to continue to investigate as regulator focusing on but not limited to the consumer credit act, legal services act, and unfair trading regulations.
Now that the regulator's investigation has concluded and a compensation agreement has been reached with Wonga, the City of London Police will be reassessing whether a criminal investigation is now appropriate.
City of London Police have confirmed they are to look again at whether they think a criminal investigation into Wonga would be appropriate after the payday lender sent out fake legal letters to customers.
Solicitors across England and Wales are pressing for Wonga to face a criminal investigation over fake legal letters it sent to 45,000 customers.
Britain's biggest payday lender has agreed to pay £2.6 million compensation over the "misleading debt collection practices," but the Law Society wants the Metropolitan Police to investigate and consider whether any offences, such as blackmail or those under the Solicitors Act, have been committed.
Law Society chief executive Desmond Hudson said: "It seems that the intention behind Wonga's dishonest activity was to make customers believe that their outstanding debt had been passed to a genuine law firm.
"It looks like they also wanted customers to believe that court action undertaken by a genuine law firm would follow if the debt was not repaid."
The Financial Conduct Authority said that it referred Wonga to the police to assess whether the payday lender had committed a criminal offence, but the City of London Police have decided not to proceed with a case, ITV News Editor Jess Brammar has learned:
We're told Wonga case was referred by the regulator to City of London police for consideration. We understand police decided not to proceed.