UK AIFM regime

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This Overview provides a guide to the Financial Services content within the UK Alternative Investment Fund Managers (AIFM) regime subtopic, with links to appropriate materials.

What is the AIFMD?

The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) entered into force on 21 July 2011 and had to be implemented by EU Member States by 22 July 2013. The AIFMD provides a comprehensive framework for the regulation of AIFMs marketing or managing alternative investment funds (AIFs) in the EU. For information about the EU AIFMD regime, see the Investment funds, asset management, and benchmarks subtopic: Investment funds, asset management, and benchmarks (EU Law) in the EU Law module.

UK implementation of AIFMD

The Financial Conduct Authority (FCA), in conjunction with HM Treasury implemented the AIFMD through changes to primary and secondary legislation and a number of aspects of the FCA’s Handbook, including the introduction of the Investment Funds sourcebook (FUND). The FCA also made a number of operational changes, including changes to the categorisation of certain firms and to certain regulatory returns. For a comprehensive overview of the UK AIFM regime (including

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Latest Financial Services News

FCA publishes multi-firm review findings on PSPs’ response to romance fraud

The Financial Conduct Authority (FCA) has published its findings from a multi-firm review (MFR) examining how six UK Payment Service Providers (PSPs), including banks and payment firms, detect, prevent and respond to romance fraud. The review assessed 60 confirmed cases and considered firms’ systems, governance, investigative procedures and customer support practices.

Financial Services—other developments (17/10/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

Chancellor launches Office for Investment: Financial Services to support global investment in the UK

The Chancellor of the Exchequer, Rachel Reeves, has launched the Office for Investment: Financial Services, a support service for global financial services firms investing in the UK. The Chancellor announced the fully operational service during the International Monetary Fund (IMF)’s Annual Meetings in Washington DC. The free service, established as a partnership between HM Treasury (HMT), financial regulators and the City of London Corporation, is intended to help firms navigate regulatory processes and reduce uncertainty. The Office for Investment: Financial Services will also leverage HMT’s financial services clusters to actively promote investment opportunities and support the delivery of infrastructure across all UK nations and regions.

Rathi defends motor finance redress during questioning by peers

Law360, London: The Financial Conduct Authority (FCA) faced accusations by a House of Lords committee on 15 October 2025 that its proposed motor finance redress scheme gave consumers a 'false understanding' of the redress they can get.

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