The Financial Conduct Authority yesterday defended a likely £125,000 outlay on a new logo and a bonus for chief executive Andrew Bailey (pictured).
An audience member ridiculed the regulator for spending £60,000 on a new logo “with a little coloured box round the C” before questioning why Bailey was awarded a £65,000 bonus.
Nausicaa Delfas, the FCA’s chief operating officer, defended the logo change which was carried out by advertising consultants Saatchi and Saatchi last year.
She said: “We have indeed changed the logo. It was necessary to do this because it was difficult for visually impaired people to recognise the FCA logo as it was.
“This was very important because we are preparing to launch a consumer communications campaign on the PPI deadline and other communications to consumers and therefore we did very thorough testing to see what would be best recognised and that is why we changed the logo.”
On Bailey’s bonus the FCA’s non-executive director Baroness Sarah Hogg said it was paid because “In the view of the remuneration committee and the board Andrew had done an exceptional job beyond reasonable expectations in his first year”.
She clarified that Bailey only accepted £26,000 of his bonus in March, with the rest of the payment being deferred.
The FCA was also accused of failing to take necessary action against former HBOS bosses, as the investigation into those involved is still ongoing.