PAYDAY lender Wonga yesterday named former RSA Insurance group chief executive
Haste replaces former chair and co-founder
Haste, who led RSA for eight years until 2011 and sits on the ITV board, said the payday loan industry was going through big changes and promised to keep Wonga compliant.
"Priority number one is to make sure we aren't lending where we shouldn't. When we do lend we need to make sure that's conducted in a responsible and transparent manner that focuses on great outcomes for our customers. That will probably lead to a tightening of our lending criteria," Haste told City A.M. yesterday.
PROFILE: ANDY HASTE Andy Haste served as chief executive of
Following his departure he was linked with the top job at
Previously, Haste served as chief of AXA Sun Life from 1999 to 2003 and GE Capital Global Consumer Finance
"It''s really from that experience that I know there is a real demand for short-term credit. But I'm also extremely clear that the sector and Wonga within the sector, is a business that needs signifi-cant change if it is to have a stable future," Haste told City A.M. on his decision to return to work yesterday. "Our shareholders and board have given me a very clear mandate to make those changes."
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