PAYDAY lender Wonga is set to cut 325 jobs under a “strategic refocus” of its consumer businesses. It launched an immediate consultation with staff at risk of redundancy.
Chairman Andy Haste said Wonga will be smaller and less profitable as it introduces changes to lend “fairly and responsibly”.
- Meanwhile, online payday lenders will be ordered to publish details of their products on at least one price comparison website under plans by the competition watchdog to make it easier for borrowers to shop around.
The Competition and Markets Authority has made the finding following a 20-month investigation into the payday lending market, which found that a lack of price competition between lenders has led to higher costs for borrowers.
It found that most borrowers do not shop around, partly because of the difficulties in accessing clear and comparable information on the cost of borrowing and a lack of awareness of late fees and additional charges.
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