How do you give your board evidence that your regulatory calculations are under control?

The management information a board needs to evidence oversight of regulatory calculations, and why assembling it should take an afternoon rather than three weeks.

Conducting Officers and boards carry accountability for a fund's published figures whether or not the calculation work is delegated. Since 6 April 2026, that accountability under UK CCI has sat with a named individual. Demonstrating that calculations are under control requires evidence rather than assurance, and evidence is hard to produce when it sits with several different providers, none holding the full picture.

In practice, a board pack that answers four questions cleanly will do the job. One that answers none of them is narrative rather than evidence.

1. What was calculated, and how?

This needs to be a record rather than a statement. Every product and share class down one axis, every regulatory framework across the other, with the methodology applied to each. A single confirmation that "calculations are up to date" is not sufficient, because a board cannot tell from that sentence alone whether every framework was actually checked, or only the ones someone remembered to ask about.

2. What's changing, and are we ready?

A forward view of regulatory change by framework is the piece most firms lack, and the one that most changes the character of a board meeting, because it turns calculations from a series of surprises into a plan. Some dates are fixed. Others depend on transposition or a regulator's technical standards, which move. AIFMD Annex IV, for example, remains in use under its existing template while the ESMA RTS is still pending, and a board needs to know that distinction, not just a deadline. In addition, PRIIPs 2.0 is expected to bring digital-first disclosure and revised calculation methodologies, but the timing is not fixed. SFDR II also replaces the Article 6, 8, and 9 construct with three tiers: sustainable, transition, and ESG basics. The Parliament vote on this new framework has been moved to October 2026.

3. What changed since we last met?

This question needs a view over a period, not a snapshot. A current set of figures will not tell you that a cost methodology was updated and reapplied across four products since the last meeting, or that a share class was added to a calculation it previously sat outside.

A calculation record that keeps the same level of detail over time, not just at the moment someone asks, lets you answer this for whichever period the board wants to look back over. Because the change history and the current position are drawn from the same record, they cannot disagree with each other. Board papers assembled from separate providers routinely do.

4. Who did the work, and can we prove it?

Oversight of a delegated function means being able to evidence the process, not only the outcome. Each methodology is backed by a whitepaper or calculation spreadsheet setting out the inputs and the workings, so a specific question about a specific figure can be answered from what already exists, rather than reconstructed from scratch months later. A board needs summary reporting routinely, and this kind of detail occasionally, without having to request it specially.

Delegation does not transfer accountability

Appointing a calculation provider moves the work, not the responsibility. The fund and its board carry that responsibility regardless of who ran the calculation, which means the evidence you receive matters as much as the number itself. When assessing a calculation partner, it is worth asking what you would be able to produce for your board without having to request it.

What FE fundinfo’s Calculation Centre gives you?

Our Calculation Centre holds inputs, outputs and methodology in a single record, these artefacts come straight out of the service rather than being assembled for each meeting:

A current record of every product, share class and framework calculated.

A change history over any period you choose, drawn from the same record as the current position, so the two cannot contradict each other.

Documented workings behind each methodology, so a board member can see how a figure was reached without asking the team to reconstruct it.

Ready to strengthen your board reporting on calculations?

Speak to our Calculation Service team about the evidence you would receive, and what your board would be able to produce without asking anyone.

Speak to our Calculation service team