Three questions Wonga now needs to answer

After Wonga today accepted it had lent money to many people who could not afford to repay, customers will rightly be asking questions of the payday lender.

To my mind, there are three that really need addressing:

How many more should receive refunds?

If Wonga has been failing to check loans properly - how many more customers should get their interest payments refunded? The firm is saying 330,000 are affected but can we trust their numbers? It is notable that the Financial Conduct Authority has not closed the door on this investigation - not will it rule out further repayment being necessary.

How far back do these problems go?

The repayments announced so far refer to new rules that only came in this spring - but if the internal checks at Wonga have been incorrect for longer than this are they not in breach of earlier rules too?

Scenting refunds, I feel sure compensation lawyers will be going over old cases to see if a liability can be established

Can anyone trust Wonga now?

Buried in the Financial Authority statements today is a new requirement that Wonga appoint a new member of staff to check internal lending processes.

That may well suggest to customers that officials did not trust anyone within Wonga to do the job.

If they didn't trust them - why should customers?