Advisers have criticised the new Financial Conduct Authority (FCA) logo, which cost more than £66,000 to produce, for being "unexciting" and "pointless".
They said the money spent on the rebrand could not be justified and was unlikely going to change consumer perception of the regulator.
The FCA had hired media agency Saatchi & Saatchi Pro to refresh its brand - including its current logo, as seen below - to make it more consumer friendly.
Figures obtained by City A.M. through a Freedom of Information request found the regulator had spent £66,410 in total on the rebrand. It spent £57,600 on hiring Saatchi & Saatchi Pro for the project and £8,810 on design templates, fonts and trademark registrations.
It said the cost had been factored into this year's FCA communications budget.
But advisers, who were asked to pay £77.1m in fees and levies to the FCA this year - up £3.4m on last year - were unimpressed by the regulator's latest efforts.
Sterling & Law independent financial consultant Laurence Sanderson said: "It's pretty unexciting, I don't think it's going to inspire much more from consumers."
Red Circle Financial Planning director Darren Cooke added: "How can they justify that amount? They can because it's not their money.
"A graphic designer could have done it much cheaper but as soon as you hire Saatchi & Saatchi you can add several zeros onto that bill," he said.
Sedulo Wealth Management director Paul Lindfield said: "I'm not blown away, I don't think it will do anything different to what has been done before."
The refresh came ahead of the FCA's planned move from its Canary Wharf office to Stratford and its first consumer-targeted TV campaign for Payment Protection Insurance (PPI) due later in 2017.
The regulator said it would not change branding in its current office, in line with upholding its ‘value for money' obligations to levy payers. It also said it would wait to update branding on printed materials until existing copies had run out.
This is the first rebranding the FCA has undergone since its creation in 2013, to follow on from the Financial Services Authority.
In response to adviser criticism the regulator said: "We want a brand that works for the FCA as an organisation in 2017 and beyond, it also needs to work well for digital use, take into account accessibility considerations and meet our needs for both internal and external purposes.
"This is particularly important as we are planning to launch our first national TV 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."
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