The UK's Consumer Composite Investments (CCIs) disclosure framework sets standardised disclosure requirements for retail investment products distributed in the UK, replacing the onshored UK PRIIPs regime that was retained following the UK’s withdrawal from the European Union in 2020 (“Brexit“). The new regime entered into force on 6 April 2026, with an optional transitional period running until 7 June 2027.
Following the UK’s departure from the European Union, the UK government and the Financial Conduct Authority (FCA) developed its own disclosure framework to replace the onshored UK PRIIPs regulation. The framework is primarily established through the Consumer Composite Investments (CCIs) (Designated Activities) Regulations 2024 and the FCA’s Product Disclosure Sourcebook (DISC).
Under the regime, manufacturers and distributors of in-scope investment product must provide retail clients with a standardised “Product Summary” before they commit to buying a composite investment product. The regime applies broadly to investment funds, insurance-based investment products, structured products, structured deposits, and other packaged retail investment products distributed to retail clients in the UK.
The CCI framework was designed to address recognised weaknesses in the EU PRIIPs Key Information Document (KID), particularly in relation to performance scenarios, risk presentation and disclosure usability. It is also shaped by the FCA’s broader Consumer Duty principles. Consumer Duty is a separate but complementary conduct regime requiring firms to deliver good outcomes for retail customers across product design, communications, customer support and value assessment.
The FCA has broad supervisory and enforcement powers for firms that fail to meet their CCI obligations, including requirements relating to disclosure production, governance, distribution and record keeping. Regulatory action may include supervisory intervention, remediation programmes, public censure and significant financial penalties. Under Consumer Duty, firms must also demonstrate not only that disclosures have been produced in accordance with technical rules, but also genuinely support fair consumer outcomes.
Firms operating across both the UK and EU must now manage parallel disclosure regimes: the EU PRIIPs/UCITS framework and the UK CCI framework. This creates operational complexity across disclsoure production, governance, data management, templates and calculation methodologies.
The UK regime introduces revised approaches to performance scenarios, risk indicators and cost disclosures, requiring many firms to implement significant workflows changes, templates, and calculation engines. The CCI framework introduces revised methodologies for performance scenarios, risk indicators, and cost presentation that require dedicated system updates. In addition, firms must continuously monitor evolving FCA guidance and ensure that disclosure practices remain align with Consumer Duty expectations. This raises the compliance standard beyond technical document production and requires firms to evidence that their disclosures are genuinely useful to retail clients.
cleversoft provides end-to-end compliance services for the UK CCIs regime, covering document production, calculation, distribution, and ongoing maintenance. All solutions include free updates as FCA requirements evolve.
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