The FCA has spent at least £38,791 on external consultants who advised on the interim report for its asset management market study.
A Freedom of Information Act request by Money Marketing reveals that five organisations advised on the damning 200-page report published by the regulator in November, which hit out at high fund charges and poor returns from active managers.
University College London professor Michelle Baddeley and Dr Anna Tilba of Newcastle University held contracts with the FCA between April and November.
Professor Tim Jenkinson and Dr Howard Jones from Said Business School and assistant professor of finance at the University of Connecticut Jose Martinez helped with the study between May and November.
Cass Business School also advised.
Cass asset management chair Andrew Clare confirmed he and other members of the Centre for Asset Management Research predominantly helped the FCA on the empirical work undertaken by its staff.
It is understood independent consultant Daniel Godfrey, who was also hired by the FCA in May to advise on the report, was not listed as engaged on the study as he was also working on other policy areas at the regulator.
In August, Money Marketing revealed in total, the FCA has spent over £1m carrying out the study.