Wonga to get a new UK boss

Hayley Kirton
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Money Lending Firm Wonga Report Profits Of Over £1m Per Week
Jordan will be replacing the recently promoted Kneafsey (Source: Getty)

Payday lender Wonga is due to get a new UK top dog.

Former Travelex executive Tommy Jordan is set to head up the business' UK operations, replacing Tara Kneafsey. Kneafsey was promoted earlier this year to lead the wider business.

According to Sky News, which first reported the story, insiders have said Jordan, whose promotion is due to be announced tomorrow, has played a pivotal role in creating a flexible loan product which has helped the company shift away from its sometimes controversial short-term lending activities.

Earlier this year, Wonga revealed pre-tax losses of £80.2m as the firm made efforts to turn its fortunes around and cited "a reduction in UK consumer lending volumes following the implementation of stricter lending criteria at the end of 2014 and the introduction of the regulatory price cap".

Read more: Wonga adds money-back guarantee, ditches puppets

The company was also loss making during its 2014 financial year, having turned a profit the year before. At the time of its most recent results, the company warned it would likely still be in the red for 2016 but the loss should be less drastic and it expected to be back in the black by 2017.

Wonga had a serious brush with scandal when it narrowly escaped criminal investigation over allegations the firm had sent letters from customers claiming to be from law firms, although the legal eagles named later turned out to be fakes. The Financial Conduct Authority also issued the firm with a £2.6m bill to compensation the customers concerned.

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