No prosecution for Wonga

The payday lender, Wonga, will not be prosecuted over the fake letters affair, when it emerged that customers owing money were sent demands which appeared to be from legal firms but were actually from Wonga itself.

The financial watchdog, the FCA, fined Wonga £2.6m last summer after finding that 45,000 such letters had been sent out. It then referred the matter to the police.

Today the City of London Police issued a statement saying: "The central allegations were that Wonga had deceived its customers by sending letters falsely purporting to be from lawyers with the aim of recovering outstanding debts from customers.

"After a thorough review of all the material gathered the City of London Police has concluded there is not sufficient evidence to progress a criminal investigation. ​"