FRAME: The fund reporting rebuild has already started

The FCA is replacing Annex IV wholesale. The headline is a 75% cut in reporting. The reality for firms is a migration – and the templates to plan it are already public.

On 14 July 2026 the FCA published CP26/26, introducing FRAME – Fund Reporting for Asset Management Entities. It is not a template refresh. FRAME replaces the current fund reporting regime, including Annex IV reporting derived from AIFMD, with a single consolidated framework built on three principles: simplicity, proportionality, and international alignment.

Because FRAME is tiered. Firms managing larger, higher-impact funds report more – the enhanced requirements – while smaller-fund managers report less. And the scope is broader than “AIFMs”: UCITS management companies sit inside the same consolidated framework, alongside NPPR marketers, operators of recognised schemes, certain MiFID managers, and CIS operators. Some of the latter, pulled in by the parallel widening of the “AIF” definition in CP26/28, will be reporting for the first time.

Here is the part firms should not miss: the planning material exists now. The FCA has published three reporting templates for FRAME, for collective investment schemes, and for segregated portfolio managers and advisers- plus a live online form firms can test voluntarily. You do not have to wait for final rules to find out where your data breaks. Map your current outputs against the new templates today and the gaps surface immediately. Starting with holdings, where the FCA has openly flagged that identifiers like ISINs aren’t mandatory in annual reports, and moving through the new aggregate leverage table, Value-at-Risk, and fund strategy fields.

The timeline gives room to do this properly: final rules in the first half of 2027, targeted full implementation in 2028. Roughly eighteen months is enough to remap a reporting pipeline deliberately rather than under deadline pressure – and, for cross-border managers, to solve the harder version of the problem: FRAME diverges from the EU, which keeps Annex IV, so anyone running UK and EU funds now feeds two regimes from one book of data.

The real work is not filling in a new form, but re-plumbing the data that feeds it. At iQuant, mastering fund data once and producing compliant outputs across divergent regimes is exactly what our platform capability does. If FRAME is on your roadmap, the templates are out, and the best time to find your gaps is before the rules are final.