Another investment and ISA provider told POLITICO it has withdrawn support but asked not to be named as the information is not public.
The firms all initially signed onto the campaign when Chancellor Rachel Reeves announced it in July, as part of her bid to move cash savers into equities, which is set to be a major part of her November budget.
The people cited concerns over mounting costs as the reason for backing out of the campaign. Some firms already run their own ad strategies.
“We will be launching our own retail investing campaign in January and running through the tax year end period,” a spokesperson for AJ Bell said. Freetrade and Trading212 were contacted for comment.
The ad campaign, which will begin next April and be broadcast on television and social media, will be primarily funded by banks Barclays, NatWest, HSBC, Lloyds Banking Group, and investment firms Vanguard, Hargreaves Lansdown, Robinhood UK, Quilter, St James’s Place, Interactive Investor, Schroders, and the London Stock Exchange.
POLITICO first revealed that the campaign, led by the Investment Association (IA) and backed by Reeves, would begin meeting this year before a rollout next spring.
In September, the advertising agency WPP pitched a proposal that would cost firms taking part around £40 million a year, but the campaign group ultimately went with a less expensive offering. The IA announced last month that M+C Saatchi, alongside the7stars, were selected to lead the creative and media delivery of the campaign to boost the U.K. stock market.
“We’re pleased to confirm that the retail investment campaign will be going ahead as planned. We appreciate the support of the firms that have been involved with the campaign so far, and are now looking forward to working with M+C Saatchi on its creative delivery,” an IA spokesperson said.
