Niall Wass announces departure, leaving group with no permanent chief executive or chairman

Wonga has lost its second chief executive in the space of six months, leaving the internet finance company without permanent leadership as it grapples with growing scrutiny from regulators. Niall Wass, who inherited the role when Wonga’s founder Errol Damelin became chairman in November, announced his departure from the group on Thursday, “to take a position at another company”. Mr Damelin is expected to step down from his own role shortly, which means Wonga now has no permanent chief executive or chairman. Mr Wass’s departure comes as the company, best known for its short-term lending operation in which consumers borrow up to �1,000 at an annual percentage rate of 5,853pc, comes under increasing scrutiny from regulators. The Financial Conduct Authority (FCA), the City watchdog, has assumed responsibility for supervising consumer credit firms such as Wonga from the Office of Fair Trading, and is imposing tough new rules on how they operate.