CP26/26: Fund Reporting for Asset Management Entities (FRAME)

Read CP26/26 (PDF)[1]

Why we are consulting

At present, different reporting requirements across fund types produce inconsistent data that is difficult for us to use and interpret, and for firms to report.

We are proposing a new framework called Fund Reporting for Asset Management Entities (FRAME) to increase the quality and consistency of data reported to the FCA.

This would:

• Replace the current fund reporting requirements with consolidated forms.
• Reduce the need for some notification requirements.
• Give managers of smaller funds more proportionate requirements based on the risk they pose to the market.

Alongside this consultation, we have published 3 reporting templates that represent the data we propose to collect from managers and operators of different types of fund. These templates provide a visual representation of our proposals and do not reflect the user interface for reporting:

• FRAME reporting template (XLSX)[2]
• Collective Investment Schemes (CIS) reporting template (XLSX)[3]
• Segregated portfolio manager and adviser reporting template (XLSX)[4]

We have also created a version of our proposed essential reporting requirements as an online form that firms can test[5] on a voluntary basis.

Who this is for

Firms and funds that will be subject to FRAME under our 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.

This may also be of interest to:

• Organisations that provide services to the firms and/or funds above

Next steps

Online response form[6]

Send us your feedback by 22 September 2026.

You can respond using our online response form[6] or by emailing [email protected].

We aim to produce further prototype forms that firms can use to test our new reporting framework before the end of 2026. A policy statement with final rules will follow in the first half of 2027.

Based on feedback from respondents, we will set out in due course a date when we propose to bring the new requirements into force. We aim to have the new reporting regime fully implemented in 2028, and we are exploring whether some aspects of reporting could be introduced earlier, depending on firm readiness.

Background

Good quality fund data reporting allows us to identify risks of consumer and market harm and informs our supervisory and policy response.

Improved fund data reporting can help identity inaccurate asset valuations, poor value products, liquidity issues, and retail clients wrongly being categorised to act as professional clients.

Our proposals would make fund reporting more proportionate while increasing the quality and consistency of data reported to the FCA. Proportionality does not mean lowering expected standards in relation to consumer protection or market integrity; it means that reporting obligations should be set according to the scale of risk.

Our proposals would mean that firms managing larger funds, which are likely to have a greater impact on market integrity or consumer protection, would report more data compared to firms managing smaller funds.