The UK’s Financial Conduct Authority is considering the introduction of a compulsory quarterly disclosure regime for private credit firms operating in the country, as regulators increase scrutiny of transparency and risk management across private markets, according to a report by Bloomberg.
Under the proposed framework, firms could be required to disclose portfolio holdings, valuations, and fund terms on a quarterly basis. The FCA said enhanced data collection would help regulators monitor risks more effectively while supporting confidence in the UK’s asset management sector.
The potential reforms follow a volatile period for private markets, with concerns around liquidity, valuations, and credit quality intensifying after investor withdrawals from private credit funds earlier this year during the so-called “SaaSpocalypse”.
Recent market dislocations, including the collapse of UK property lender MFS and the failure of US subprime auto lender Tricolor in 2025, have added to concerns surrounding hidden risks within parts of the private credit market.
The regulatory discussions also come as some alternative asset managers move towards more frequent valuation reporting. Apollo Global Management recently announced plans to begin pricing its private credit portfolio on a daily basis by the end of September. Apollo manages more than $830bn in credit assets.
The FCA is also reportedly coordinating with international regulators and industry bodies, including the Financial Stability Board and the International Organisation of Securities Commissions, as it evaluates the framework.
