Published: July 2026 · Consultation closes: 22 September 2026
On 14 July 2026, the Financial Conduct Authority (FCA) published Consultation Paper CP26/26: Fund Reporting for Asset Management Entities (FRAME). The consultation proposes a single, modernised regulatory reporting framework that would replace the current patchwork of fund reporting requirements applicable to UK asset managers and fund operators.
What is FRAME?
FRAME (Fund Reporting for Asset Management Entities) is the FCA’s proposed new framework for how asset management firms report fund data to the regulator. Today, different reporting requirements across fund types produce inconsistent data that is difficult for the FCA to use and interpret — and burdensome for firms to prepare.
Under the FRAME proposals, the FCA would:
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- Replace existing fund reporting requirements with consolidated forms, streamlining multiple legacy returns into a single framework.
- Reduce certain notification requirements, cutting duplicative filings.
- Introduce proportionality: managers of smaller funds would face lighter reporting obligations, calibrated to the risk their funds pose to markets and consumers.
Why is the FCA consulting?
High-quality fund data allows the FCA to identify risks of consumer and market harm and to shape its supervisory and policy response. Better reporting can help detect inaccurate asset valuations, poor-value products, liquidity issues, and retail clients wrongly categorised as professional clients.
Importantly, proportionality does not mean lower standards. It means reporting obligations set according to the scale of risk: firms managing larger funds — with greater potential impact on market integrity or consumer protection — would report more data than firms managing smaller funds.
Who is in scope of FRAME?
The FCA proposes that FRAME apply to:
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- FCA-authorised UK AIFMs — for UK and non-UK Alternative Investment Funds (AIFs) managed in the UK
- UK UCITS management companies — for UK UCITS
- RVECA and SEF managers — Registered Venture Capital Funds and Social Entrepreneurship Funds
- Third-country AIFMs marketing in the UK under the National Private Placement Regime (NPPR)
- Operators of recognised schemes — Overseas Funds Regime (OFR) and s.272 individually recognised overseas schemes
- Certain MiFID investment managers and advisers, including collective portfolio management investment firms
- Operators of collective investment schemes
Service providers to these firms and funds — administrators, depositaries, ManCos and compliance consultants — will also want to follow the consultation closely.
Need help preparing for FRAME?
Fund XP supports AIFMs and management companies with regulatory reporting — from AIFMD Annex IV reporting today to FRAME readiness tomorrow. Get in touch to discuss your reporting obligations.
Essential vs Enhanced reporting: the £500 million threshold
A central feature of the proposals is a two-tier reporting model based on fund size:
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- Essential Requirements — for funds below £500 million net asset value (NAV): a reduced core data set.
- Enhanced Requirements — for funds above £500 million NAV: a fuller data set covering areas such as portfolio exposures, leverage and borrowing, counterparty exposures, liquidity and benchmark information.
Unless otherwise specified, firms would report in the base currency of the fund.
The three reporting templates
Alongside CP26/26, the FCA published three illustrative reporting templates showing the data it proposes to collect:
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- FRAME reporting template — for fund managers, split into Essential and Enhanced requirements worksheets.
- Collective Investment Schemes (CIS) reporting template — for firms operating residual investment schemes.
- Segregated portfolio manager and adviser reporting template — for segregated portfolio managers and advisers.
These templates are for illustration only: they do not represent the final user interface. The FCA has also released a prototype online form of the Essential Requirements that firms can test on a voluntary basis.
Key dates and next steps
| Milestone | Date |
|---|---|
| CP26/26 published | 14 July 2026 |
| Consultation closes | 22 September 2026 |
| Further prototype forms for testing | Before end of 2026 |
| Policy statement with final rules | H1 2027 |
| Full implementation targeted | 2028 |
The FCA is exploring whether some aspects of reporting could be introduced earlier, depending on firm readiness. Responses can be submitted via the FCA’s online response form or by email, referencing CP26/26.
What should asset managers do now?
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- Assess scope: confirm which of your entities and funds fall within FRAME, and whether each fund sits above or below the £500m NAV threshold.
- Gap analysis: map the proposed data fields against your current data architecture (AIFMD Annex IV, UCITS returns, existing FCA forms) to identify new data points.
- Test the prototype: complete the FCA’s voluntary online form to understand the practical reporting experience.
- Respond to the consultation by 22 September 2026 — this is the opportunity to shape final rules on proportionality, thresholds and implementation timing.
- Plan for 2028: budget for systems, data and operating-model changes ahead of full implementation.
FAQ
What does FRAME stand for?
Fund Reporting for Asset Management Entities — the FCA’s proposed new fund data reporting framework set out in CP26/26.
When does the FRAME consultation close?
22 September 2026.
When will FRAME come into force?
The FCA aims for full implementation in 2028, with final rules expected in a policy statement in the first half of 2027. Some elements may be phased in earlier.
Does FRAME replace AIFMD Annex IV reporting in the UK?
FRAME would replace current fund reporting requirements with consolidated forms — firms in scope should review CP26/26 for the precise treatment of existing returns.
Does FRAME apply to non-UK managers?
Yes — third-country AIFMs marketing funds in the UK under the NPPR, and operators of overseas schemes recognised under the OFR or s.272, are within the proposed scope.
Source: FCA, CP26/26: Fund Reporting for Asset Management Entities (FRAME), 14 July 2026.
Read the full consultation: CP26/26: Fund Reporting for Asset Management Entities (FRAME) – FCA