FCA pairs simpler reporting with better data
Sarah Pritchard, Deputy Chief Executive of the UK’s Financial Conduct Authority (FCA), told the Investment Association’s Annual Dinner on 20 October that rule-making for the asset management sector is now just past its peak, promising firms they would eventually feel the difference.
The regulator will stay focused on reducing burden, she said, including by simplifying data returns. Proposed changes to the asset management rulebook could save firms £128 million a year, and the fund reporting framework within that package promises simpler reporting for firms and better data for the FCA. AI, she noted, already helps the regulator spot risks sooner in large data sets.
That framework, Fund Reporting for Asset Management Entities (FRAME), went out for consultation in July. It would replace several existing fund returns with a single, risk-based regime, with full implementation expected in 2028.
In general, for reporting that is simple for preparers, useful for regulators and AI-friendly, it is essential to ensure that data is clearly defined, validated on submission and machine-readable.
Read the full speech here.
