UK government proposals to reform the rules for UK alternative asset managers are going in the right direction. However, they need to take better account of the pressure they could put on smaller managers.

AIMA has today responded to HM Treasury’s consultation paper here, and the FCA’s call for input on the UK Alternative Investment Fund Managers Regulation, the AIFMR, here.

We welcome the proposals to apply a lighter touch and more proportionate regime to smaller managers. But the current proposals to bring all managers into a single regime regardless of size risks increasing, not reducing the burden on them.

The UK has the unique opportunity to enhance and deepen its position as the world's second-largest asset management hub. The UK can put smarter rules in place to protect markets and investors better and promote UK plc worldwide.

AIMA looks forward to working with HM Treasury and the FCA as they develop the more detailed proposals expected at the start of 2026.