UK Consumer Composite Investments rules replace PRIIPs

Consumer Composite Investments (CCI) is the UK regime for the information that retail investors receive on packaged investment products, such as investment funds, before they invest. It replaces the UK version of the EU rules on packaged retail and insurance-based investment products (PRIIPs) with a product summary that gives comparable figures on costs, risk and return (FCA PS25/20 (external site)).

The legislation that creates the regime commenced on 6 April 2026, and the rules of the Financial Conduct Authority (FCA) apply in full from 8 June 2027 (FCA PS25/20 (external site)).

Before, a packaged product sold to UK retail investors carried a PRIIPs key information document in a fixed format (FCA CP24/30 (external site)). After, the manufacturer produces a product summary under a new FCA sourcebook, Product Disclosure (DISC) (FCA Handbook DISC 3.1 (external site)).

The summary shows one-off entry and exit costs, ongoing costs and transaction costs, each as a percentage of an assumed investment amount (FCA Handbook DISC 3.1 (external site)). As an example, ongoing costs of 0.75 percent on an assumed GBP 1,000 mean GBP 7.50 a year.

Distributors do not sell a CCI to a retail client without an up-to-date product summary. Products clearly marked as not for retail investors, and not directed to them, fall outside DISC (FCA PS25/20 (external site)).

The rules apply to manufacturers of CCIs, such as asset managers, insurers and investment firms, including managers of overseas funds sold in the UK, and to distributors such as banks (FCA PS25/20 (external site)).

• Conduct Risk Analyst: tests that product summaries give retail clients comparable cost, risk and return figures.
• Compliance Officer: checks that no product reaches retail clients without an up-to-date summary.
• Retail Banking Advisor: gives clients the product summary before they invest.
• Paraplanner / Financial Planning Analyst: compares products on the standard cost figures in advice work.

The FCA set an 18-month implementation period that started on 8 December 2025 (FCA PS25/20 (external site)). From 6 April 2026 manufacturers may produce a product summary or keep the disclosures that applied to them before; the transitional provisions end on 7 June 2027 (FCA Handbook DISC TP 2 (external site)).

The rules apply in full from 8 June 2027, a confirmed date. In September 2026 the FCA consulted on 12 more months, to 8 June 2028, for CCIs closed to new business; this is a proposal (FCA CP26/32 (external site)).

The PRIIPs Regulation is EU law that stayed in UK law after the UK left the EU. The FCA first consulted on the replacement framework in CP24/30 (FCA CP24/30 (external site)).

Further proposals followed in CP25/9 before the final rules in PS25/20 (FCA CP25/9 (external site)).