UK FCA Overhauls Fund Disclosures With CCI Regime

UK retail investment products have relied for more than a decade on the UCITS Key Investor Information Document, or KIID, and the PRIIPs Key Information Document, or KID. The Financial Conduct Authority concluded that the standardized disclosures often failed to engage consumers or aid understanding. Its Consumer Composite Investments regime replaces both frameworks with a single Product Summary governed by the Consumer Duty, shifting more responsibility for clear communication to manufacturers and distributors.

The FCA published final rules under Policy Statement PS25/20 on Dec. 8, 2025. Voluntary adoption began on April 6, 2026, while full compliance becomes mandatory on June 8, 2027. Firms may design their own summaries but must use standardized measures, including a 1-to-10 risk-and-return score based on 10 years of volatility data, a past-performance chart illustrating a £10,000 investment and costs divided into five categories. The overhaul will require changes to data, calculations, governance and technology.