Reshaping the UK’s Alternative Investment Fund Manager Regime

The FCA and HM Treasury are consulting on detailed reforms to the UK regulatory framework for fund managers.

By Becky Critchley, Nicola Higgs, James McCrory, Rob Moulton, Clare Scott, and Charlotte Collins

On 14 July 2026, the FCA and HM Treasury published detailed papers on the reform of the UK Alternative Investment Fund Managers Directive (AIFMD). The FCA Consultation Paper (CP26/28) covers aspects to be revised or restated under FCA rules, while HM Treasury’s draft Statutory Instrument, which is accompanied by a Policy Note, sets out a new UK legislative framework for regulating alternative investment fund managers. These materials build on the FCA Call for Input and HM Treasury Open Consultation on the reform of the UK AIFMD regime published last spring.

Alongside these publications, the FCA is also consulting on reforms to the remuneration rules for solo-regulated firms (CP26/27), and on a new reporting regime for asset managers (CP26/26).

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