On 8 December 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/20) setting out its final rules for providing information on Consumer Composite Investments (CCIs).

Background

The CCI regime will replace the Packaged Retail and Insurance-based Investment Products (PRIIPs) regime and the Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure requirements with a single framework tailored for UK consumers and markets.

In December 2025, the FCA published a consultation paper (CP24/30)  proposing a new product framework for CCIs and, subsequently, in April 2025 the FCA published a consultation paper (CP25/9) in relation to further proposals and remaining issues to support the CCI regime.

Key changes

The FCA set out that it has made the following key changes in its final rules:

  • Scope: The FCA have clarified the scope of the regime, particularly for corporate bonds, and have also simplified the criteria for whether products are considered non-retail, providing manufacturers with the ability to ‘opt-out’ of selling their products to retail clients.
  • Information needed: The FCA have adjusted its proposals to give distributors greater flexibility over the information they highlight to consumers pre-sale, focusing on the information needed to help consumers make timely, effective, and properly informed decisions.
  • Costs and charges: The FCA agreed with the concerns raised by respondents about including one-off costs in a figure indicating costs over a 12-month period and have amended its policy so that the ongoing costs figure must be presented as the headline figure, and that explicit transaction costs and one-off costs do not need to be aggregated with ongoing costs but they will need to be disclosed.
  • Responsibilities of manufacturers and distributors: The FCA have clarified that pre-sale, distributors only need to highlight the information consumers need to make a properly informed decision, not all the information in the product summary. The FCA makes clear that it has set out its minimum expectations for this, but beyond this firms should use their own judgement under the Consumer Duty.
  • Timeline: The FCA confirmed that it has set an 18-month implementation period for all CCIs, starting from 8 December 2025 but has retained the option for manufacturers to move from their current disclosure document to the CCI product summary when the legislation commences on 6 April 2026.
  • Risk and return: The FCA has amended its policy so that illiquidity should increase the risk and return score by at least one to reflect the higher risk to consumers of not being able to access their money immediately and has modified the rules so structured products must calculate their risk and return score using a value-at-risk equivalent volatility (VEV) model, which is better suited to their profile.
  • Cost benefit analysis (CBA): The FCA has updated the CBA to reflect the feedback and better account for the obligations distributors will have.
  • Closed ended investment funds (CEIF): The FCA highlights that it engaged extensively with the CEIF sector during this consultation and have amended our proposals to ensure that our final rules allow consumers to compare CEIFs with other investment options while accommodating their unique characteristics.

Next steps

The optional transitional period for the CCI regime will begin when the legislation commences on 6 April 2026, from this date manufacturers will be able to choose between producing a product summary or following the disclosure requirements that currently apply to them.

The rules in PS25/20 will take effect on 8 June 2027.