Online bank First-e has cancelled its multi-million pound TV advertising campaign, a fortnight before it was due to go live.
The online bank scrapped the campaign in response to increased competition from other online banks. It explained it now cost £250 to recruit one customer in the UK. Since launching a year ago, First-e has recruited 75,000 customers.
First-e has been forced to pay a large cancellation fee to its advertising agency.
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