FCA Proposes Streamlined Asset-Manager Rulebook and FRAME Reporting

The Financial Conduct Authority proposed a package of UK asset-management reforms on 14 July that would simplify reporting, modernize older Alternative Investment Fund Managers Directive-related rules and revise remuneration requirements for solo-regulated firms.

The FCA said a large share of the expected savings would come from simpler Fund Reporting for Asset Management Entities requirements, known as FRAME. The regulator said the reporting changes would be tailored to the UK market and give supervisors better data.

The package also includes changes to AIFM-related rules that date from 2013. A separate remuneration consultation would replace overlapping remuneration codes with a clearer framework for firms solely regulated by the FCA, while keeping standards and safeguards in place.

The consultation deadlines are staggered: 16 September 2026 for solo remuneration reform, 22 September 2026 for FRAME and 14 October 2026 for the UK AIFM regime consultation.

Why it matters

Asset-management regulation affects fund costs, product availability and the way managers report risk to supervisors. For traders and investors using funds, ETFs, model portfolios or managed strategies, lower compliance friction can matter if it eventually feeds through to product design, fees or market access.

The reporting angle is also important for market structure. Better supervisory data may help the FCA monitor fund-sector risk without relying on older EU-derived templates that no longer fit the UK regime cleanly.

What to watch next

Watch consultation responses from asset managers, fund administrators, trading venues and investor groups. The final rules will show whether the FCA keeps the package narrow or uses it as a broader reset for UK buy-side regulation.