The Financial Conduct Authority just spent £70,000 on a new logo, including hiring a Saatchi & Saatchi agency


The FCA's new logo (r) was designed by a Saatchi & Saatchi agency

The industry-funded Financial Conduct Authority has spent almost £70,000 on a refresh of its brand, including a brand new logo designed by Saatchi & Saatchi, City A.M. can reveal.

The FCA recruited B2B specialists Saatchi & Saatchi Pro ahead of its planned move from Canary Wharf to the edge of the Queen Elizabeth Olympic Park in Stratford next year.

And now figures obtained by City A.M. under Freedom of Information rules show the full scale of the bill for the new logo.

The regulator, which is paid for by a combination of annual levies and fines on the firms it regulates, spent a total of £57,600 on recruit the Saatchis' agency for the project, which took six months including an "audit" of the existing brand.

A further £8,810 was paid for design templates, fonts and trademark registrations, creating a total bill of £66,410, including VAT.

Read More:  City watchdog gathers pace in investigation into Barclays cash call

The regulator said it would try to consider obligations to provide value for money to levy payers as it moves to the new brand.

As a result, signage in the FCA's Canary Wharf office will not be changed, and printed materials like letterheads and business cards should not be updated until existing stocks run out.

It represents the first time the FCA has refreshed its logo since it was created in 2013, when it was one of two two regulators created from the older Financial Services Authority.

Read more: Brexit will cost the FCA £2.5m this year

"Ahead of the FCA's first national consumer advertising campaign on PPI later this year we refreshed our brand to ensure it met accessibility requirements and so that all audiences know and understand our role and that we are open and transparent," an FCA spokesman said.

"Spend on the brand refresh has been met from the forecast FCA communications budget and takes into account our value for money objective."

It comes with the regulator preparing to launch its first ever consumer marketing campaign around Payment Protection Insurance later this year.


The new logo

The old logo

Tags: FCA