I think this is a bug.

Reporting based on experience with the PS3 game client.

Free Company Crests on player gear are not visible to other players.

I play on the PS3 version of the game and have confirmed with other PS3 players that they cannot see my Free Company Crest on my gear, just as I cannot see theirs, or anyone else's regardless of client platform.

The description and information about Free Company Crests talks of the crests being visible to other players so that they can see your free company affiliation.

If the crest is meant to be visible, it is not, please resolve this issue.