New Wonga chief scraps puppets in bid to clean up its brand
Newly appointed Wonga chairman Andy Haste wasted no time yesterday in announcing a number of sweeping changes for the controversial payday lender, including the removal of puppets from the firm’s TV advertising.
Former RSA Insurance chief executive Haste outlined six goals on Wonga’s website, stating that he needed to “re-present Wonga to the public” – a process he said would include rethinking the firm’s controversial use of advertising during children’s programming, as well as a full review of Wonga’s financial offerings and the way it lends.
Payday lending has been undergoing a transformation as the Financial Conduct Authority has taken over regulation of the sector. A host of payday lenders have shut down, and others have changed their practices to adhere to a new code of conduct.