The FCA overhauls consumer composite investment information disclosures to make investing more accessible to a wider range of retail consumers.
The FCA has removed prescriptive documentation and excessive jargon requirements to give firms more freedom to deliver engaging communications with consumers as part of its objective to facilitate innovation and make investing more accessible to a wider range of retail consumers. This replaces the PRIIPs regime and the UCITS disclosure requirements with a single framework bespoke to the UK market – Consumer Composite Investments (CCI). The new CCI regime will come into force in June 2027.
The FCA has not provided an exhaustive list of in-scope products, but included in these reforms will be any investment where the returns are dependent on the performance of, or changes in, the value of underlying or reference assets. This would include CFDs, derivatives, insurance-based investment products, open-ended funds, and structured deposits. The following products are excluded from the scope of CCIs:
- Vanilla corporate bonds
- Pension products
- Pure protection insurance contracts
Manufacturers now have freedom over the design of their product summaries, with minimum requirements provided, and they can add additional information to them. Distributors can highlight key information pre-sale to simplify the process for consumers, but must still provide the full documents in a durable medium post-sale.
The FCA has been consulting on this policy for a year and has given firms 18 months to meet the new requirements, leading us to believe that this policy change would require complex solutions from firms. However, upon review, the FCA seems to be relaxing existing requirements rather than demanding wholesale change from firms. To meet the new requirements, firms will have to examine the disclosures they are currently making and redesign them to better suit them. The FCA is encouraging innovative approaches to making this engaging for consumers. After this initial work, the CCI regime should unburden firms from some of the regulatory requirements they currently face under the PRIIPs and UCITS disclosure requirements.
How Thistle can help
- We can give your firm an overview of the changes.
- We can help your firm to understand its role as a product manufacturer or distributor.
- We can help you update existing processes to ensure compliance with the new regime.
- We can check your disclosures are compliant with the new regime prior to being released.
Meet the Expert
Melissa Buckingham, Compliance Consultant 
Melissa joined Thistle Initiatives in 2025, bringing with her a strong background in managing conflicts of interest and cross-border regulatory activity from her time at a Tier 1 bank.
With a deep understanding of both the regulatory landscape and operational pressures facing firms, Melissa adopts a thorough and detail-oriented approach to helping clients achieve and maintain compliance.
She supports clients across a range of sectors, but primarily in the investments and wealth management space.