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The team behind the new Wonga

The international Wonga team is made up of hundreds of professionals and specialists working in London, Spain, Germany, Poland and South Africa.

We have established a new leadership team with strong financial services experience. This new team is based in London.

Andy Haste | Group Chairman | Small version

Andy Haste

Group Chairman

Tara Kneafsey | Group CEO | Small version

Tara Kneafsey

Group CEO

David Power | Group CTO | Small version

David Power

Group CTO

Nick Brookes | Group Chief Credit Officer | Small version

Nick Brookes

Group Chief Credit Officer

Bill Flynn | Group General Counsel | Small version

Bill Flynn

Group General Counsel

Tommy Jordan | UK CEO | Small version

Tommy Jordan

UK CEO

Brett van Aswegen | CEO Wonga South Africa | Small version

Brett van Aswegen

CEO Wonga South Africa

Marcin Borowiecki | CEO Wonga Poland | Small version

Marcin Borowiecki

CEO Wonga Poland

Rafel Sauri | Spain CEO | Small version

Rafel Sauri

Spain CEO

Nelson Holzner | CEO BillPay | Small version

Nelson Holzner

CEO BillPay

Some of the changes our new team have made

Last summer, Wonga set out six priorities for change. Our progress against each of those as of May 2015 is below.

 What we said we’d doOur progress so far

1

To conduct a review of Wonga’s customer base and products to ensure that the Group is lending only to customers who can reasonably afford to repay their loans.

We have conducted an in-depth review of Wonga’s customer base and products.

The work to achieve a deeper understanding of who our customers are identified a significant group of cash and credit constrained individuals across the UK, who we will look to serve in the future.

2

To ensure all lending is conducted in a responsible and transparent manner and delivers the best outcomes for our customers. This will lead to a tightening of Wonga’s lending criteria.

We have strengthened our affordability criteria and improved our processes to ensure all lending is conducted in a responsible and transparent manner and delivers fair outcomes for our customers.

Following discussions with the FCA, we also announced a major forbearance programme in October 2014 for customers in arrears whose loans would not have been made had they been subject to the new affordability criteria.

3

To address the total cost of credit and ensure even greater transparency in Wonga’s products.

We launched a cap-compliant product, a month ahead of the January 2015 deadline, to start addressing the total cost of credit and ensure greater transparency. These changes were in line with the new regulations introduced across the industry, but we also decided to better support customers who fall behind with repayments. This included the introduction of a three-day ‘grace period’ before applying any missed payment fee and halving the maximum time that interest can accrue to 30 days after the scheduled repayment date.

4

To re-present Wonga to the public, especially through its advertising, in a way that accesses the right type of customer and reduces the risk of inadvertently attracting the very young or vulnerable.

We have reviewed the way we present ourselves to the public, carrying out a major piece of work to better understand our customers and their needs, while suspending all advertising in the UK.

We have also agreed with Newcastle United to remove the Wonga logo from all children's replica shirts from the 2016/17 season. In re-launching our advertising in the UK will ensure it addresses the right type of customers and reduces the risk of inadvertently attracting the very young or vulnerable.

5

To build a sustainable business model with superior technology and operating processes that deliver effectively and put customers and good governance at the heart of everything Wonga does.

Putting good governance at the heart of everything Wonga does has been an important focus for the new management team. Wonga remains a young company and one that had grown too quickly, and it was clear our processes, systems and governance hadn’t always kept pace with that growth. The pursuit of growth became the driving force in the business and there were times when loan outcomes were put before customer outcomes. 

We have taken steps to put that right: hiring a new senior management team with strong financial services experience; setting up a new Board of Directors for the UK business; launching a restructuring programme to reduce costs and ensure we have the right skills in place for a regulated lending business; and replacing our technology to ensure fairer outcomes for customers.

6

To engage positively with Wonga’s regulators and other key stakeholders in all of its markets to ensure that the business is operated transparently, with the right systems and controls to protect those individuals for whom Wonga recognises its products are not appropriate.

We are engaging positively with our regulators and other key stakeholders to put right the mistakes of the past and to ensure a strong culture with the right processes in place to deliver fair outcomes for customers and other stakeholders.

We also applied to the Financial Conduct Authority for authorisation to continue to act as a consumer credit lender in the UK, a process that can take up to 12 months.