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How much did our financial watchdog spend on art last year?
by Sarah Miloudi on Sep 30, 2013 at 08:00
The Financial Conduct Authority (FCA) has art worth more than £700,000 hanging on its walls.
In the past year alone, the regulator has spent around £10,000 on its art collection, snapping up the works to refurbish its reception area.
The new regulator, which replaced the Financial Services Authority earlier this year, opted some time ago to ‘pursue an arts programme’ that displayed loaned art rather than purchasing work directly.
But a more frugal approach has still enabled the FCA to amass a richly priced body of work.
In response to a request under the Freedom of Information (FOI) Act, the regulator told Wealth Manager that its collection’s insurance value is £705,240.
The watchdog added that over the last five years, the value of its insured art collection had changed only marginally, but it admitted to spending close to £10,000 earlier this year when, as part of a refurbishment, it acquired a ‘small amount’ of art.
Previous FO I requests have revealed that the red and white FCA logo cost £200,000, although part of this was spent on brand identity and legal fees for resolving brand registration issues.
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