FCA consults on consolidating fund reporting regime for asset managers

The FCA is consulting on a new and consolidated regime of Fund Reporting for Asset Management Entities (FRAME).

Key proposals include:

• Creating a consolidated reporting regime for UK funds (FRAME) to replace the multiple existing reporting returns and forms;
• Creating a two-tier reporting structure, with essential reporting for funds below £500m in net asset value (NAV) and enhanced reporting for those above £500m in NAV;
• Making reporting proportionate to fund size, type and risk profile, with tailored modules for private markets, loan originations funds and private equity funds;
• Introducing more detailed reporting on liquidity, leverage, investor base, portfolio exposures, concentrations, sensitives and risk;
• Implementing event-based reporting for certain large hedge funds (e.g. following significant losses); and
• Introducing more a digital reporting and notification process.

The consultation closes on 22 September 2026.

The FCA is also consulting on overhauling the AIFM regime and simplifying the remuneration regime for solo-regulated firms.