The FCA has so far spent over £1m carrying out its study into competition in asset management.
Following a Freedom of Information request submitted by Fund Strategy, the FCA said the total costs of the market study stand at £1,000,370.
The costs cover the period between 19 November 2015, when the study was launched, to 19 July 2016, when the information was compiled.
The FCA set out the terms of reference for the asset management review last year, which is aiming to establish whether competition is working in the fund manager industry and whether investors are getting value for money.
The figure covers analysis of industry responses to the terms of reference, stakeholder engagement such as hosting roundtables and bilateral meetings, research, data collection, data analysis and governance.
The regulator could not provide a breakdown for the costs involved for each task.
The FCA says: “The asset management market study is a key piece of work for the FCA and has involved input by departments across the FCA.
“The aim of this study is to understand whether there are any areas where competition could work more effectively for asset management products and services.
“We will publish an interim report later this year which will set out our provisional findings, including a discussion of any possible remedies which we identify.”
The final report is due next year, after the interim report was pushed from the summer to the end of the year.
The FCA is planning to include a review of absolute return funds in its study amid poor performance and the flood of money into the funds in recent years.