In December 2025, the FCA set out their final rules for providing information on Consumer Composite Investments (CCI)1 in Policy Statement PS25/20. The Policy Statement also summarises the feedback the FCA received in response to consultations in December 2024 CP24/30: A new product information framework for Consumer Composite Investments and April 2025 CP25/9 Further proposals on product information for Consumer Composite Investments, and explains how the FCA have considered this feedback.
The regime will apply to any firm that manufactures or distributes a CCI to retail investors in the UK. The FCA are moving from an overly prescriptive disclosure regime to a more flexible, simpler approach. The regime will replace the UK PRIIPs KID, UCITS KIID and NURS KII.
The optional transition period for the CCI regime will begin when the legislation commences on 6 April 2026. From this date, manufacturers can choose between producing a product summary or following the disclosure requirements that currently apply to them. This transition option is available to all manufacturers, including manufacturers of Overseas Funds Regime (OFR) schemes.
The rules in the Policy Statement will come into effect on 8 June 2027
1 Consumer Composite Investment (CCI) is an investment where the returns are dependent on the performance of, or changes in, the value of indirect investments. This includes funds, structured products, insurance-based investment products, contracts for difference and other complex investments like derivatives.
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