The FCA has spent nearly £150,000 on external parties who have provided services in relation to its interim study on competition in the asset management industry.
A Freedom of Information Act request by Money Marketing reveals the £148,672 bill covered the consumer research which the FCA commissioned for the damning 200-page study, which hit out at high fund charges and poor returns from active managers.
The resources were also spent on the services of a contractor who provided econometric support on the study, the regulator says.
In addition to these costs, in January, Money Marketing revealed the FCA spent at least £38,791 on other academics and consultants who advised on the interim report, which included academics from Cass Business School, Said Business School, Newcastle University and University College London.
The FCA’s study was launched on 19 November 2015 and the interim results were published on 9 November 2016. The regulator collected the industry’s feedback until 20 February.
The FCA has spent over £1m carrying out the study as of August last year.