The industry regulatory, the Financial Services Authority has been reported to spend around £35,000 on art for their offices at Canary Wharf.
Apparently, the FSA has recruited a company of art advisers to help them choose. They have even set up an "Art Steering Group" that meets on a monthly basis with the consultants to discuss the art.
Our View
This story is so ridiculous that there must be a twist to it. We understand that the FSA is spending upto £10,000 on a single piece of artwork and is trying to get a grant to pay for the artist. We have always had a problem with the regulator seemingly spending the fees all financial companies pay without regard for the fee payers.
The FSA is based in the most expensive area of the country, when the majority of the people it regulates are not in London. It now seems that our fees are being spent on works of art to make the offices at Canary Wharf a little better to work in.
Perhaps the FSA could consider spending the money reducing the massive increases we have had to pay for the Financial Services Compensation Scheme.
Maybe Towry Law could have lent the FSA a few decent pieces of art or sold them off to reduce the FSCS debt.