The Consumer Composite Investments (CCI) regime is the UK’s new disclosure framework for retail investment products, replacing the PRIIPs Regulation and UCITS KIID requirements. Final rules were published by the FCA on 8 December 2025.
The rules introduce a more flexible, outcomes-focused approach to product disclosure, with the Consumer Duty at its heart. Manufacturers must produce a “product summary” containing standardised information on product characteristics, risk and return, costs and charges and performance, but have more freedom over design and format. Distributors must make product summaries available pre-sale, promote engagement with key information, and provide the summary in a durable medium at the point of sale (and before the retail investor is bound).
The regime applies to a broad range of products including open-ended funds, closed-ended investment funds, insurance-based investment products, structured products and contracts for difference, among others. Around 12.5 million UK adults currently hold a CCI, which makes this a regime with significant consumer reach.
The CCI rules form part of a broader suite of FCA reforms to retail investment regulation published in December 2025, including proposals on client categorisation and a Consumer Duty statement for co-manufacturers. Our analysis of these developments is available in the latest insights below.
Key dates:
- 8 December 2025: Final rules published
- 6 April 2026: Legislation commences; optional transition begins
- 8 June 2027: Full regime in force
Latest insights
The CCI Regime: five strategic questions every firm should be asking
09/12/2025
The FCA’s new Consumer Composite Investments Framework is more than a compliance exercise. In light of this, Jamie Gray explores five strategic questions that every firm should be asking.
Consumer Duty for co-manufacturers: clarity now, consultation to follow
11/12/2025
The FCA has clarified how the Consumer Duty applies to co-manufacturers. It also highlights that the definition of a co-manufacturer remains unresolved, with guidance expected in a 2026 consultation.
Expanding consumer access to investments: The FCA’s vision for retail market reform
11/12/2025
The FCA’s latest discussion paper invites the industry to help shape the future of retail investment regulation.
Client categorisation: a reset, not a relaxation
11/12/2025
The FCA’s proposals to overhaul the elective professional client regime represent one of the most significant changes to UK conduct regulation since Brexit.
CCI final rules: what you need to know
11/12/2025
A guide to the FCA's final rules on the Consumer Composite Investments regime.
Key Contacts
Jamie Gray
Partner
Financial Services Regulatory
Jamie specialises in financial services regulatory advice and counsels banks, investment firms, corporate finance and private equity houses.
Caroline Stevenson
Head of Financial Services Regulatory
Financial Services Regulatory
Caroline is head of our Financial Services Regulatory team, with dual qualification and relevant experience in retail banking.
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