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A government proposal on how to save some money

Author: Henry Ejdelbaum

Tags: FCA, Government, spending

In the current climate, government spending is always going to be criticised, especially when it’s in excess of £1m. But we are not going to jump on the band wagon and take a cheap shot at the large amounts of money the government spends. Instead I thought about offering up a couple of suggestions in response to a recent article which highlighted.

I recently read that the FCA spent over £1 million to re-brand its name/image from FSA . I understand this information came to light through a “Freedom of Information Act” request and was recently highlighted by the Financial Adviser. £1 million is an awful lot of money for such a simple re-branding and at a time of austerity I would have thought that quasi government agencies would be a little bit more in tune with what is happening in the world. As far as I am concerned the FCA does not need a pretty logo image and the website just needs to be functional – after all they are not selling anything!

But it seems to be another classic demonstration that there are quasi government agencies and indeed government agencies that are not monitored because there is no direct line of ownership and/or responsibility. It is actually quite simple; would I spend £1 million to re-brand my business or would I spend £700,000 for a new website?

The simple answer is no. Would any of our clients do that? The simple answer is no. So why do the government agencies do it – is it because it is not their money?