FCA FRAME Reporting
Consultation closed 22 Sept 2026 · Final rules expected H1 2027 · Implementation 2028
On 14 July 2026 the Financial Conduct Authority published Consultation Paper CP26/26, Fund Reporting for Asset Management Entities. It proposes a single, modernised framework to replace the patchwork of fund reporting requirements that currently applies to UK asset managers and fund operators. The consultation closed on 22 September 2026; final rules are expected in the first half of 2027.
£500m
NAV threshold between the two reporting tiers
3
Illustrative reporting templates published
2028
Full implementation targeted
7
Categories of firm within the proposed scope
What FRAME is
FRAME is the FCA's proposed new framework for how asset management firms report fund data to the regulator. Today, different requirements across fund types produce inconsistent data that is hard for the FCA to interpret and burdensome for firms to prepare.
Consolidated forms
Existing fund reporting requirements would be replaced by a single framework, streamlining multiple legacy returns.
Fewer notifications
Certain notification requirements would be reduced, cutting duplicative filings.
Proportionality
Managers of smaller funds would face lighter obligations, calibrated to the risk their funds pose to markets and consumers.
Why the FCA is 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 helps detect inaccurate asset valuations, poor-value products, liquidity issues, and retail clients wrongly categorised as professional.
Proportionality does not mean lower standards. It means 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 ones.
The two tiers
A central feature of the proposals is a two-tier model based on fund net asset value. Unless otherwise specified, firms would report in the base currency of the fund.
A reduced core data set.
A fuller data set covering portfolio exposures, leverage and borrowing, counterparty exposures, liquidity and benchmark information.
Who is in scope
FCA-authorised UK AIFMs
For UK and non-UK Alternative Investment Funds 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.
Operators of recognised schemes
Overseas Funds Regime and s.272 individually recognised overseas schemes.
Certain MiFID managers and advisers
Including collective portfolio management investment firms.
Operators of collective investment schemes
Together with their administrators, depositaries, ManCos and compliance consultants, who will want to follow the consultation closely.
The three reporting templates
Alongside CP26/26 the FCA published three illustrative templates showing the data it proposes to collect.
FRAME reporting template
For fund managers, split into Essential and Enhanced requirements worksheets.
Collective Investment Schemes template
For firms operating residual investment schemes.
Segregated portfolio 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
14 July 2026
CP26/26 published
22 September 2026
Consultation closed
Before end of 2026
Further prototype forms for testing
H1 2027
Policy statement with final rules
2028
Full implementation targeted
The consultation window has closed. The FCA is exploring whether some aspects could be introduced earlier, depending on firm readiness, and further prototype forms are expected before the end of 2026.
What asset managers should do now
-
Assess scope
Confirm which of your entities and funds fall within FRAME, and whether each fund sits above or below the GBP 500 million NAV threshold.
-
Run a gap analysis
Map the proposed data fields against your current data architecture — AIFMD Annex IV, UCITS returns, existing FCA forms — to identify the new data points.
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Test the prototype
Complete the FCA's voluntary online form to understand the interface and the practical reporting experience.
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Watch for the final rules
The consultation closed on 22 September 2026. The policy statement setting the final rules is expected in the first half of 2027, and it is what you will build to.
-
Plan for 2028
Budget for the systems, data and operating-model changes ahead of full implementation.
Frequently asked questions
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.
Is the FRAME consultation still open?
No. It closed on 22 September 2026. The FCA is expected to publish further prototype forms before the end of 2026 and a policy statement with the final rules in the first half of 2027.
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.
Is the £500 million threshold per fund or per manager?
The two-tier model is calibrated on fund net asset value, so a manager can have funds in both tiers. Confirm the detail against CP26/26 before building to it.
Source and related
Source: FCA, CP26/26: Fund Reporting for Asset Management Entities (FRAME), 14 July 2026.
Preparing for FRAME?
Fund XP supports AIFMs and management companies with regulatory reporting — from AIFMD Annex IV today to FRAME readiness tomorrow. The same approach: an Excel workbook that validates as you type and exports what the regulator expects.