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FCA spent more than £1m on FSA re-brand

FCA logo original size

The Financial Conduct Authority spent more than £1m on its re-brand from the FSA in April.

A freedom of information request submitted by PanaceaAdviser owner Derek Bradley shows the FCA spent more than £700,000 on its new website and £40,000 on stationary.

The FSA was abolished and replaced with the FCA on 1 April when it undertook a re-brand with a new logo and website.

The FCA spent £48,000 on designing its “brand identity”, £91,000 developing its “brand guidelines” and £57,000 on registering the new logo and on legal fees to resolve registration issues.

The FCA spent £723,526.81 on the design, build, architecture, code and content of its new website. It also spent £101,000 on the design, legal fees and development of the FCA handbook on the new site.

The regulator spent another £40,347.68 on the design and production of newly branded business cards, note pads and pens.

It says the stock of FSA stationery was monitored, run down and then replenished with new FCA stationery in the lead up to 1 April, in a bid to minimise costs.

In the FoI, the FCA defends the spending by saying its staff, firms, markets and consumers need to understand its new objectives.

An FCA spokesman says: “Several agencies submitted quotes for the work on both the brand identity and website design and in both instances we chose the agency that offered the best value for money. All this was delivered on time and on budget.”

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. To spend this amount of money on rebranding something that already exists is obscene. We now know that the FCA will not reduce its costs as it can just increase fees without any problem as it is accountable to no one. This is the FSA in different clothing

  2. It wasn’t their money so why shouldn’t they?

  3. The FSA spent £40k on standing still ??? Stationary ???

    Oh dear…..

  4. 1 million to change a letter, this bunch seam better at wasting our money than the last lot !!!

    Oh sorry they are the same, practice makes perfect I suppose

  5. Biggus Dickus 28th May 2013 at 4:05 pm

    “abolished and replaced”? No it wasn’t. The only things that have changed are the Chief Exec. and the logo. Apart from that, it’s the same people in the same hugely expensive and lavishly appointed offices, sitting at the same desks doing the same jobs on the same salaries. If that’s change, then my nam’es Rin Tin bloody Tin.

    Still, a mere £40,000 on stationery is a mere blip by comparison with the £1m that the FSA managed to piss away in 2010. Mind you, how many zillion sheets of headed paper, compliments slips and business cards does it take to guzzle away £40,000? What else comes under the heading of stationery?

    And nearly £200 grand on designing its “brand identity” (WTF does that mean?), developing its “brand guidelines” (ditto “brand identity”) registering the new logo (surely no more than a couple of hundred for that?) and on legal fees to resolve registration issues (such as?) seems pretty darned extravagant.

    Now, what is that the Code says about how regulators are supposed to use their resources in a way that gets the most value out of the efforts that they make?

    Value obviously isn’t a word that features in the thinking of the FCA much more than it ever did in that of the FCA before it.

  6. Soren Lorenson 28th May 2013 at 4:14 pm

    I believe that the FCA believe that it was worth every penny.

    Worth every penny for the luxury of being able to say – it wasn’t us it was the FSA to everything that goes tits up in the next 5 years.

  7. This is one business model that cannot be justified.

    Surely when most of us are cutting costs and sprinting hard just to stand still we should expect that the FCA uses its budget in a sensible and moderate manner.

    As always, the normal rules of business prudence go out of the window when it’s not your own money.

    If any single one of these muppets had ever operated a proper business or had their inquisitive noses pushed up against the coal face their grasp of balance sheet reality would be vastly different.

  8. Just the tip of the iceberg. I was at a conference where the FSA/FCA Banana was proudly telling us that they have also changed the artwork (if you can call it that!) at Canary Towers. I wonder how much that costs? Then presumably they will have ordered new bottled water with the FCA logo and pens to give away – after all none of us can afford a ball point pen.

    I wonder if the senior bods will decide that they don’t like the wallpaper.

    And the fees go up. Now there’s a surprise. The one thing these guys don’t know about financial advice is how to spend less. As I say to my clients: making money is one way, the other is to spend less if you want to be better off. There we have Boy George trying to cut down on every Government Department and Quango, yet these guys impose above inflation increases. Are they in our world?

    I’ll gladly spend a few weeks and show them how to save money (for a fee of course!).

  9. Perhaps more disappointing is the fact they haven’t taken the opportunity to update their litrerature to explain what they really do.

    Their registration at Companies House lists the following:

    84110 – General public administration activities
    84120 – Regulation of health care, education, cultural and other social services, not incl. social security

    Clear, fair and not misleading?

  10. For all that, I suppose we should draw a scrap of consolation from the fact that what they blew on rebranding was only 2% of Hector Sants’ jaw-dropping estimate of £50m.

  11. Have a look at the web address of the Financial Services Register

    http://www.fsa.gov.uk/register/home.do

    That’s a million quid well spent

  12. Andrew Pennie 29th May 2013 at 5:07 pm

    The additional issues with this rebrand is the knock on costs to advisers.
    Changing websites, letter templates, brochures and other material from FSA to FCA will cost both money and time.
    I wonder how long before they make it a regulatory requirement?

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