The FCA is consulting on a new framework to streamline the reporting requirements for different fund types.
The Fund Reporting for Asset Management Entities (FRAME) would increase the quality and consistency of data reported to the FCA by asset managers, the regulator said and is part of a package of reforms that will make reporting requirements more proportionate and reduce costs by £128m.
Under FRAME, current fund reporting requirements would be replaced with consolidated forms, the need for some notification requirements would be reduced, and managers of smaller funds would have more proportionate requirements based on the risk they pose to the market.
Firms and funds that will be subject to FRAME under the proposals include:
- FCA-authorised UK Alternative Investment Fund Managers (AIFM): UK and non-UK Alternative Investment Funds (AIFs) that are managed in the UK by the AIFM.
- Managers of Registered Venture Capital Funds (RVECA) or Social Entrepreneurship Fund (SEF) managers: RVECA and SEF.
- UK Undertakings for Collective Investment in Transferable Securities (UCITS) management companies: UK UCITS.
- Third country AIFMs marketing in the UK under the National Private Placement Regime (NPPR): unauthorised AIF(s) marketed in the UK.
- Operators of recognised schemes: Overseas Fund Regime (OFR) and s.272 individually recognised overseas schemes.
- Some MiFID investment managers and advisers, including collective portfolio management investment firms.
- Operators of collective investment schemes.
- The FCA has published three reporting templates alongside the consultation that represent the data it proposes to collect from managers and operators of different types of funds, with further prototype forms that firms can use to test the new reporting framework set to be published before the end of 2026.
The deadline for feedback on the consultation is 22 September 2026 and a policy statement with final rules will follow in the first half of 2027. While the new reporting regime would be fully implemented in 2028, some aspects of reporting could be introduced earlier, depending on firm readiness, the FCA said.
Alongside FRAME, the FCA is consulting on modernising and simplifying Alternative Investment Fund Managers Directive (AIFMD)-related rules dating from 2013 and simplifying remuneration rules for relevant firms solely regulated by the FCA, by replacing overlapping remuneration codes with a clearer, more proportionate framework, while maintaining appropriate standards and safeguards. The deadlines for theses consultations are 14 October and 16 September 2026 respectively.
Simon Walls, executive director, markets, at the FCA, said: “By tailoring the regime for UK asset managers, we can collect better data while also saving industry tens of millions of pounds a year.
“With a sharp focus on proportionality, we can particularly boost freedom for smaller firms to find new ways to achieve the same high standards.
“Together, the proposals are a practical example of the FCA’s strategy in action: becoming a smarter regulator, which is more efficient and effective, using proportionate data collection to better identify risk.”
