The £89,622 project, awarded to PR firm MHP Group, aims to redefine the FCA’s brand and proposition, despite the regulator having undergone a rebrand just seven years prior.

Ben Yearsley, co-founder of Fairview Investing, told City A.M.: “Why do public bodies, especially one such as the FCA, need to waste money on rebrands? They aren’t selling to anyone, and they’re already pretty visible.”

A spokesperson for the FCA explained the brand refresh decision was taken “to help ensure that we are engaging consumers and firms in the best way possible to achieve our objective of protecting consumers from harm”.