Global Trustee and Fiduciary Services Bite-Sized Issue 8 2026

20 AIFMD CRYPTOASSETS EMIR FINTECH IOSCO MIFID II/MIFIR OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2026 Quick Links However, the FCA says that collecting data, listing metrics or reporting management information (MI) will not, by itself, show whether customers are receiving good outcomes. Firms should be able to explain: • What their information tells them. • How they use it to identify risks or issues. • What action they take in response. • How they consider whether those actions have improved outcomes. In its findings the FCA shares examples of good practice and areas for improvement in how firms monitor outcomes. It summarises its key findings, then explains them in detail for the main elements it investigated: • Strategy and framework. • Data, MI and testing. • Governance, oversight and culture. The FCA says firms should use this to review their own approach and consider whether the information they collect gives them a clear enough view of customer outcomes. Link to Review Findings here CP26/26: Fund Reporting for Asset Management Entities (FRAME) On 14 July 2026, the FCA published a consultation on a new regulatory reporting framework to simplify and improve how asset management firms report fund data. The FCA is proposing a new framework called Fund Reporting for Asset Management Entities (FRAME) to increase the quality and consistency of data reported to the FCA. This would: • Replace the current fund reporting requirements with consolidated forms. • Reduce the need for some notification requirements. • Give managers of smaller funds more proportionate requirements based on the risk they pose to the market. Alongside this consultation, the FCA published 3 reporting templates that represent the data it proposes to collect frommanagers and operators of different types of funds. The FCA says these templates provide a visual representation of its proposals and do not reflect the user interface for reporting: • FRAME reporting template (XLSX) • Collective Investment Schemes (CIS) reporting template (XLSX) • Segregated portfolio manager and adviser reporting template (XLSX) The FCA has also created a version of its proposed essential reporting requirements as an online form that firms can test on a voluntary basis. Firms and funds that will be subject to FRAME under the FCA proposals include: • FCA-authorised UK Alternative Investment Fund Managers (AIFM): UK and non-UK Alternative Investment Funds (AIFs) that are managed in the UK by the AIFM. • Managers of Registered Venture Capital Funds (RVECA) or Social Entrepreneurship Fund (SEF) managers: RVECA and SEF. • UK Undertakings for Collective Investment in Transferable Securities (UCITS) management companies: UK UCITS.