
According to the College of Arms website, the arms are being granted by both the College and the Lord Lyon.
There's a lengthy explanation of the design and its symbolism here : http://www.college-of-arms.gov.uk/news- ... at-of-arms . Briefly :
* the floral emblems of England, Scotland, Wales and Northern Ireland on the shield
* four links of chain to represent the four-year periods between Games
* crest is a lion crowned with a laurel wreath and holding an Olympic torch
* crest coronet contains relay batons, and gold, silver and bronze medals
* supporters are lions holding Olympic torches and crowned with laurel wreaths
* motto refers to both national and sporting unity.