By Mark Kleinman, City Editor
The chairman of troubled payday lender Wonga is recruiting another former colleague from the insurer RSA as he accelerates the company's attempt to repair its battered reputation.
Sky News has learnt that Paul Miles, the chief financial officer of Capquest, a debt recovery firm, is to take on the same role at Wonga.
His appointment, which is expected to be announced this week, will reunite him with Andy Haste, RSA's former chief executive, who was recruited by Wonga's shareholders during the summer following a string of scandals.
Mr Miles worked with Mr Haste as RSA's group financial controller until 2010, when he left to join Phoenix Group, the closed-life assurer, as deputy finance director. He quit that role to join Capquest last year.
In September, Wonga appointed Tara Kneafsey, another former RSA executive, to run its UK business, the largest division of the group.
The overhaul of its executive team - which will be complete once Mr Haste identifies a new chief executive - follows a dismal few weeks for Wonga, during which it disclosed a 53% fall in annual pre-tax profits and an agreement to write off £220m of customer debts under a new regime of affordability checks.
The profit slump was partly explained by Wonga's decision to set aside almost £20m to cover the cost of compensation, as well as legal and administrative costs related to the company sending letters from fake law firms to thousands of customers.
Responding to the consumer debt write-off, Mr Haste said: "We want to ensure we only lend to those who can reasonably afford the loan in question and during my review, it became clear to me that this has unfortunately not always been the case.
"I agreed with the concerns expressed by the FCA and as a consequence of our discussions we have committed to taking these actions."
Last week, the Competition and Markets Authority added to the regulatory burden facing the payday lending sector, saying in the penultimate phase of an inquiry into the industry that new price comparison websites and a clampdown on intermediaries are required.
The Financial Conduct Authority will soon impose caps on the cost of short-term credit, a move that it believes will force many lenders out of business.
Wonga is not obliged to disclose the remuneration of its board members because it is privately owned, although insiders said that Mr Miles and Ms Kneafsey would be paid "very competitively" in recognition of the strategic and reputational challenges faced by the company.
Mr Miles will replace Tim Weller, who is serving as Wonga's acting chief executive until a permanent boss is recruited.
Wonga declined to comment on Wednesday.
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