The FCA reported that only a small number of firms had "comprehensive" measures in place.
The review covered 19 asset management firms including long‑only asset managers, hedge fund managers and an occupational pension scheme.
The regulator examined the market abuse policies of all firms and visited 17 of them. The sample included both small and large firms, with global assets under management ranging from approximately £200m to over £100bn.

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The study entitled 'Asset management firms and the risk of market abuse' stated:
"In many firms further work is required to ensure these operate effectively and cover all material risks.
"In particular, firms need to pay more attention to the possibility of receiving inside information through all aspects of the investment process and take steps to manage this risk.
"Firms generally also need to improve the effectiveness of post-trade surveillance. Only a minority of firms had appropriate controls for these matters.
"On post‑trade surveillance only two firms in our sample demonstrated post‑trade surveillance that effectively highlighted and properly investigated potentially suspicious trades.
"In a number of firms effective investigation of potentially suspicious transactions was difficult due to a lack of documentation (e.g. where there was no easily retrievable record of external meetings) and poor awareness of front office research activity."
Officials examined how firms are managing the risk that inside information could be received but not identified.
The report said: "All firms had a policy to limit the sharing of inside information to those who need to know it. However, only a minority of firms monitored the effectiveness of this policy."
All except for one firm conducted training to ensure employees' understanding of market abuse rules was up to date and to discuss recent market abuse cases.
The FCA said it will shortly be writing to all the firms in its thematic sample to provide individual feedback.
Officials said in their report: "Where firms did not effectively manage the risk of market abuse, we expect them to make improvements to their practices.
"Senior management of asset management firms need to satisfy themselves that their firm's practices to manage the risk of market abuse are appropriate.
"This should take into account the findings of our work."