TTMSFNCColorPicker - SelectedColor

I'm trying to set a color using "SelectedColor"
It does not work at design Time and also at run time.
Have I to use some other Property?

I cannot see an issue with this here.

When I use the code:
procedure TForm3.Button1Click(Sender: TObject);
  TMSFNCColorPicker1.SelectedColor := gcRed;
for a default TMSFNCColorPicker, this updates the selected color.
What are you doing different?