Hi!

It's some kind of new feature since the patch. The arrow also shows up above the Free Company Chest, for whatever reason ... maybe to find it easily? Maybe to show that you can interact with it? Don't know ... but I find that arrow pretty annoying and ugly (I suppose it's even more annoying when you have the huge standard PS3 UI). xD

You can turn it off in the same menu where you also change the color of other players' nameplates and so on. I don't know what that menu is called but it's in character configuartion -> names or something like that.
I think it's the third tab, not sure. There's something about housing and gardening where you can choose that it always shows, never shows and only when targeted.
You can also change it on PS3, I could do it on PC and PS3. ^^