Panacea comment for Financial Advisers and Paraplanners
9 May 2017
In 2013, a Panacea FOI request exposed the rebrand cost for the FSA’s change to the FCA.
It was £1,061,423 including VAT.
The FOI request went on to confirm the cost of the logo design saying:
“We have spent £48,000 on designing the FCA brand identity, £91,500 on developing the FCA brand guidelines, £57,000 on registering the new logo and on legal fees to resolve registration issues”.
So when we heard that the FCA had decided, after a shelf life of barely three years, to change it’s logo, we though it would be an idea to find out how much?
In their reply, an unnamed individual from the “Information Disclosure Team / Cyber and Information Resilience Department” said “We undertook a refresh of the FCA brand to make sure our brand is accessible, open and transparent so that all our audiences understand our role. In particular, we need to ensure our brand works well for digital use and takes into account accessibility considerations. This is particularly important as we are planning to launch our first national TV and outdoor advertising campaign on PPI later this year. Consumer research in particular has helped inform our evolution of the FCA logo to ensure ‘Financial Conduct Authority’ is clearly legible and accessible”.
Given that in 2013 so much was spent on rebrand one might ask, purely from a business owner perspective, why the lifespan of a ‘global’ brand is just 3 years? That would suggest that either the brand brief or interpretation was incorrect in 2013.
The reply to our request was answered as follows.
· The design cost:
· Legal costs:
· Implementation cost;
£66,410 – we have interpreted this to be the total cost (including the items above) – agency work to audit FCA brand and update logo and design approach, design templates for new brand, effra fonts and logo trademark registration.
· Stationery cost”
There are currently no stationery costs. As stated above, the existing logo will be phased out over the next year and we will not change signage in our printed material such as letterheads or business cards until either they run out or we change address.
Over the last 10 years the Panacea brand logo is unchanged, as is the Ford Motor Company’s, Apple and Coca Cola. In 2014, the Coca-Cola brand name alone was worth $67million, accounting for more than 54% of the company’s stock market value at that time.
It is said, “a strong, consistent brand will allow the customer to know exactly what to expect each time they encounter your business”
Steve Jobs said, “Design is not just what it looks like and feels like. Design is how it works”.
In this case, the jury on the ‘how the FCA’s works’ is still out.
The cost of this exercise is quite small in regulatory terms. I am not sure what the effect is on consumers but I am sure that those it regulates will see this as another example of spending other peoples money without being responsible for how or if it works or in this case if you can notice the difference at all.
Can you spot the differences?