FCA CP26/26 — Fund Reporting for Asset Management Entities (FRAME)

Tag: S-2026-07-14-fca-cp26-26-frame Type: report (consultation paper) Author(s): Financial Conduct Authority (FCA) Date of source: 2026-07-14 (consultation opened; closes 22 September 2026) Date ingested: 2026-08-19 Authority weight: high — the FCA’s own consultation paper page, retrieved directly via WebFetch; dates confirmed from page metadata (first published / last updated 14 July 2026). Raw file: S-2026-07-14-fca-cp26-26-frame.md. Source URL: fca.org.uk/publications/consultation-papers/cp26-26-fund-reporting-asset-management-entities-frame.

What it claims

On 14 July 2026 the FCA opened CP26/26 “Fund Reporting for Asset Management Entities (FRAME)”, a consultation on a new regulatory reporting framework “to simplify and improve how asset management firms report fund data”. The consultation closes 22 September 2026.

The FCA’s stated rationale is that, at present, “different reporting requirements across fund types produce inconsistent data that is difficult for us to use and interpret, and for firms to report.” FRAME would do three things: replace the current fund reporting requirements with consolidated forms; reduce the need for some notification requirements; and give managers of smaller funds more proportionate requirements based on the risk they pose to the market. The FCA frames the exercise as raising the quality and consistency of data reported to the FCA while making reporting more proportionate — “proportionality does not mean lowering expected standards in relation to consumer protection or market integrity; it means that reporting obligations should be set according to the scale of risk.” Firms managing larger funds (greater potential market-integrity/consumer impact) would report more data than firms managing smaller funds.

Scope is broad across the UK asset-management sector: FCA-authorised UK AIFMs (UK and non-UK AIFs managed in the UK), RVECA/SEF managers, UK UCITS management companies, third-country AIFMs marketing under the NPPR, operators of recognised schemes (OFR and s.272 schemes), some MiFID investment managers/advisers including collective portfolio management investment firms, and operators of collective investment schemes.

Alongside the consultation the FCA published three reporting templates (a FRAME template, a Collective Investment Schemes template, and a segregated portfolio manager/adviser template, all XLSX) as a visual representation of the data it proposes to collect, and an online form firms can test on a voluntary basis. On process: the FCA aims to produce further prototype forms to test before end-2026; a policy statement with final rules will follow in H1 2027; an in-force date will be set after feedback; and it aims to have the new regime fully implemented in 2028, while exploring whether some aspects could be introduced earlier depending on firm readiness. Background rationale: “good quality fund data reporting allows us to identify risks of consumer and market harm and informs our supervisory and policy response”, helping identify inaccurate asset valuations, poor-value products, liquidity issues and mis-categorised retail clients.

Notable quotes

“We are proposing a new framework called Fund Reporting for Asset Management Entities (FRAME) to increase the quality and consistency of data reported to the FCA.” — FCA, CP26/26 web page

“Proportionality does not mean lowering expected standards in relation to consumer protection or market integrity; it means that reporting obligations should be set according to the scale of risk.” — FCA, CP26/26 web page

“A policy statement with final rules will follow in the first half of 2027.” — FCA, CP26/26 web page

What’s speculative vs. asserted

• Asserted (consultation proposals, not yet made rules): the 14 July 2026 opening and 22 September 2026 close; the three design objectives (consolidated forms, fewer notifications, proportionate requirements for smaller-fund managers); the scope list; the three published templates and the voluntary test form; the H1-2027 policy statement / final rules intent and the 2028 full-implementation target. These are consultation proposals — final rules and the in-force date are not yet set.
• Forward-looking / conditional: further prototype forms “before the end of 2026”; the possibility that “some aspects of reporting could be introduced earlier, depending on firm readiness”; the eventual in-force date (“set out in due course”).
• Not AI-specific: FRAME is a data-quality and regulatory-reporting reform for asset managers; AI is not in scope. The service-line mapping (RRE, GFD) is the ingesting agent’s assessment, stated explicitly, not a claim of the source.

Topics this feeds

• FCA — Financial Conduct Authority — a concrete FCA data-governance / regulatory-reporting reform; the vault already noted FRAME as the reporting reform underpinning supervision of the PS26/17 fund-liquidity rules, so this gives FRAME its own primary source.
• BCBS 239 and Data Lineage — thematically adjacent: FRAME is a data-quality-and-consistency reporting re-architecture (consolidated forms, proportionate collection), the UK asset-management analogue of the data-aggregation/quality concerns BCBS 239 addresses for banks [inference].
• Related: S-2026-08-fca-ps26-17-fund-liquidity — PS26/17 states compliance monitoring will draw on FRAME data (while not requiring detailed tool-calibration metrics).

Open questions raised

• What will FRAME require firms to evidence about the quality, lineage and reconciliation of the fund data they report, and how heavy is the build for firms running fragmented legacy fund-reporting stacks?
• Will the final in-force date and any “earlier for some aspects” phasing create a multi-speed implementation that complicates programme planning toward the 2028 full-implementation target?
• How will FRAME data interact with the FCA’s broader “smarter, more data-driven regulator” agenda and with the separate FRAME hook in PS26/17 supervision?