UK FCA consults on new reporting framework for fund data

The UK Financial Conduct Authority (FCA) has published consultation paper CP26/26, amongst a package of consultations on modernising the UK asset management regulatory framework. The consultation is to be read alongside HM Treasury's proposed reforms to the legislative framework for the UK alternative investment fund manager (AIFM) regime.

The FCA states that currently, different reporting requirements across a range of fund types produce inconsistent data that is difficult to use and interpret, and a burden for firms to report. This consultation proposes a new framework, Fund Reporting for Asset Management Entities (FRAME), which would replace existing requirements with a single, risk-based regime. The proposals are intended to simplify and align reporting obligations more closely with the size, type and risk profile of the fund. The FCA also proposes new reporting requirements on fund holdings in relation to certain UK authorised funds and a new streamlined annual reporting requirement for certain Markets in Financial Instruments Directive (MiFID) investment firms and operators of collective investment schemes that do not currently report to the FCA. This is to address gaps in the data it receives on wider asset management activity.

The FCA published three reporting templates showing the data it proposes to collect from managers and operators of different fund types, on a new webpage, together with a test online version. The FCA proposes to move certain submission processes online and is seeking feedback on this by 31 August. The deadline for comments on the rest of the consultation is 22 September. Final rules are expected in the first half of 2027 and the FCA will confirm the implementation date of FRAME in due course. Its aim is to fully implement the new regime in 2028, but it may explore whether some aspects of reporting could be introduced earlier, depending on firm readiness.

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