Sky News said Paul Miles, now chief financial officer of Capquest, will join Wonga to take on the same role. (http://bit.ly/1sffYUM)

Miles will replace Tim Weller, who is serving as Wonga's acting chief executive until a permanent boss is recruited, the multimedia news agency said.

The news comes weeks after Wonga's decision to write off 220 million pounds of customer debts, after being forced by Britain's financial regulator to overhaul its lending practices.

Miles, whose appointment is expected to be announced this week, worked at RSA until 2010 and then quit to join Capquest, Sky News said.

Miles joining Wonga will reunite him with Andy Haste, RSA's former chief executive, who was hired by Wonga in July to oversee changes at the business, which was fined for sending bogus letters to its customers from non-existent law firms threatening legal action.

Wonga, which does not disclose the remuneration of its board members since it is privately owned, would pay Miles "very competitively," Sky News said, citing sources.

Wonga could not be reached immediately for comment outside regular business hours.

(Reporting by Rishika Sadam in Bangalore; Editing by Jonathan Oatis)