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FCA

FCA

Financial Conduct Authority (UK)

High Impact

FCA consults on Fund Reporting for Asset Management Entities (FRAME)

Published

Jul 7, 2026

Topics

Asset management, Fund reporting, Regulatory reporting, AIFMs, UCITS, NPPR, Overseas Fund Regime, Collective investment schemes, MiFID investment managers, Data quality

Executive Summary

The FCA is consulting on CP26/26, a proposed new fund reporting framework called Fund Reporting for Asset Management Entities, or FRAME. The FCA states that existing reporting requirements across fund types produce inconsistent data that is difficult for the FCA to use and for firms to report. FRAME is intended to replace current fund reporting requirements with consolidated forms, improve data quality and consistency, reduce some notification requirements, and apply more proportionate requirements for managers of smaller funds. The proposal is relevant to a broad set of asset management entities, including FCA-authorised UK AIFMs, managers of RVECA and SEF funds, UK UCITS management companies, third-country AIFMs marketing in the UK under the NPPR, operators of recognised overseas schemes, some MiFID investment managers and advisers, collective portfolio management investment firms, and operators of collective investment schemes. The consultation closes on 22 September 2026. The FCA aims to provide further prototype forms before the end of 2026, publish a policy statement with final rules in the first half of 2027, and have the new regime fully implemented in 2028, although no binding commencement date has yet been set.

What Changed

newFRAME reporting framework proposed

Previous

Different reporting requirements across fund types currently produce inconsistent data that the FCA says is difficult to use, interpret and report.

New

The proposed FRAME framework would consolidate fund reporting requirements and increase the quality and consistency of data reported to the FCA.

modifiedCurrent fund reporting requirements to be replaced with consolidated forms

Previous

Fund reporting is currently split across different reporting requirements for different fund types.

New

The FCA proposes consolidated forms under FRAME, represented by three published reporting templates: a FRAME reporting template, a Collective Investment Schemes reporting template, and a Segregated portfolio manager and adviser reporting template.

modifiedProportionate reporting based on fund size and risk

Previous

The FCA identifies current requirements as inconsistent across fund types.

New

Reporting obligations would be calibrated by scale of risk, with larger funds expected to report more data than smaller funds.

modifiedSome notification requirements may be reduced

Previous

Existing fund reporting and notification requirements apply across fund types under the current framework.

New

FRAME would reduce the need for some notifications, although the consultation page does not specify which notifications would be removed or reduced.

newVoluntary online testing form for essential reporting requirements

New

Firms may voluntarily test an online form representing proposed essential reporting requirements during the consultation/prototyping phase.

Business Impact

Who is affected

FCA-authorised UK AIFMs managing UK and non-UK AIFs in the UK; managers of Registered Venture Capital Funds and Social Entrepreneurship Funds; UK UCITS management companies; third-country AIFMs marketing unauthorised AIFs in the UK under the National Private Placement Regime; operators of recognised schemes including Overseas Fund Regime and section 272 individually recognised overseas schemes; some MiFID investment managers and advisers, including collective portfolio management investment firms; operators of collective investment schemes; and service providers supporting these firms or funds.

Jurisdictions

United Kingdom

Business processes

Regulatory reporting change management, Fund data sourcing and aggregation, Fund master data and product classification, AIFM, UCITS, NPPR, recognised scheme and CIS reporting workflows, Data quality assurance and reconciliations, Regulatory interpretation and policy mapping, Reporting platform/vendor change management, Consultation response governance, Prototype testing and user acceptance testing, Regulatory attestation and sign-off controls

Estimated effort

High

Compliance risk

Medium

Affected Reports

Proposed FRAME reporting templateProposed Collective Investment Schemes reporting templateProposed Segregated portfolio manager and adviser reporting templateProposed online form for essential reporting requirements
FieldValidation rule

Recommended Actions

  1. 1

    Confirm whether the firm, its managed funds, marketed funds, recognised schemes, advisory mandates, or CIS operator activities fall within any of the scope categories listed by the FCA for CP26/26.

  2. 2

    Download and review the FCA’s three proposed reporting templates and map each requested data item to existing internal systems, data owners and current regulatory reporting processes.

  3. 3

    Do not treat CP26/26 as final rules. Track the consultation outcome, FCA prototype forms expected before end-2026, and the policy statement expected in the first half of 2027 before locking final build requirements.

  4. 4

    Prepare a consultation response by 22 September 2026, focusing on data availability, proportionality thresholds, duplicative reporting, notification reductions, implementation sequencing, and operational feasibility.

  5. 5

    Use the FCA’s voluntary online form for proposed essential reporting requirements, where relevant, to test data availability, workflow ownership and likely submission controls.

  6. 6

    Create an implementation impact assessment covering reporting inventory changes, decommissioning of current fund reporting processes that may be replaced, control changes, vendor dependencies and data-quality remediation.

  7. 7

    Engage reporting technology providers, fund administrators, depositaries, delegates and other service providers early because the proposed consolidated forms may require revised data feeds and operating model changes.

  8. 8

    Establish a governance forum across compliance, regulatory reporting, operations, product, legal, data and technology teams to monitor the 2026 prototypes, 2027 final rules and planned 2028 implementation.

Timeline

publication

Jul 14, 2026

FCA published CP26/26 and opened consultation on the proposed FRAME fund reporting framework.

consultation deadline

Sep 22, 2026

Deadline for responses to CP26/26 via the FCA online response form or by email to cp26-26@fca.org.uk.

implementation

Dec 31, 2026

FCA aims to produce further prototype forms that firms can use to test the new reporting framework before the end of 2026.

publication

Jun 30, 2027

FCA expects to publish a policy statement with final rules in the first half of 2027.

implementation

Jan 1, 2028

FCA aims to have the new FRAME reporting regime fully implemented in 2028; the exact commencement date has not yet been set.

Sources

AI-generated analysis is based on the following primary sources. Always verify against the official publication.

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