Payday loans company Wonga is looking for a new agency for its £3m account after incumbent Albion decided: “there have been certain practices that we now know went on before we worked with the business and then during the tenure of our relationship that we were unaware of and that we categorically do not agree with.”
Well that’s telling ’em I suppose, although it was always pretty clear what Wonga was up to – offering loans at exorbitant rates of interest.
Ironically Wonga is trying to clean up its business in response to a government crackdown on the sector and recently appointed former RSA insurance CEO andy Haste as chairman. The firm is also the shirt sponsor of Mike Ashley’s Newcastle United.
It will be interesting to see what agency is willing to take on the ever-controversial Wonga. But ad breaks on the UK’s digital TV channels are still stuffed full of payday lenders. One particularly noxious effort is set in an ad agency. So someone will do it.