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Wonga boss Errol Damelin to quit lending firm

March 31, 2014 11:21
Wonga chairman Errol Damelin

ByMarcus Dysch, Marcus Dysch

1 min read

Wonga chairman Errol Damelin is expected to leave the money-lending firm later this year.

His likely departure comes as a new City regulator - the Financial Conduct Authority - prepares to impose tougher rules on lenders when it takes control of the industry on Tuesday.

South African Mr Damelin co-founded Wonga with fellow Jewish businessman Jonty Hurwitz in 2006.

Now based in Hampstead, north London, Mr Damelin owns shares worth millions of pounds and may remain on the board as a non-executive director.