The Consumer Composite Investments Framework: How to Transition to the New Regulation

The UK's Financial Conduct Authority is replacing PRIIPs and UCITS disclosure standards with a new disclosure framework for CCIs. The goal of the rule is simple: give investors clearer, more usable product information.  

CCIs are investments whose returns depend on the performance of, or changes in the value of, underlying or reference assets. This shift affects a wide range of packaged investment products. Instead of following strict templates, firms will need to create concise, consumer-friendly product summaries that highlight costs, risks, returns, and past performance in a format investors can understand. 

Here's what manufacturers and distributors need to know about the final rules, and how Morningstar's reporting and data solutions can help ease the transition to the new regime. 

The FCA's behavioral testing revealed that current KIDs are too information-dense, jargon-heavy, and unengaging—and therefore not helpful to retail investors.¹

The new CCI regime aims to fix that by encouraging simple, plain English explanations. Firms will have more flexibility in how they present required disclosures as long as key data (costs, risk, returns, and past performance) remain comparable. 

Under the changing regulation, asset managers also have room to add information if they think it will help consumer understanding. 

The regime covers any firm that creates, issues, or manages a CCI product. It also applies to distributors, or any firm that offers, advises on, or sells CCIs. 

Consumer Composite Investments (Designated Activities) Regulations 2024 sets the scope of the new framework. It covers a range of product and fund types, including: 

• Open- and closed-end funds
• Exchange-traded funds
• Recognised funds
• Structured products and structured deposits
• Insurance-based investment products
• Contracts for difference
• Derivatives

• Produce a brand-new disclosure document, separate from marketing materials
• Deliver underlying data to distributors in machine-readable formats
• Explain objectives, risks, and costs in consumer-friendly language
• Update documents annually and after any material changes to product information
• Maintain audit trails and supporting evidence

• Deliver disclosures early in the client journey
• Provide them in a durable medium, such as PDF or email
• Prove delivery timing and maintain records

• General information such as the fund name, identifiers, and objectives.
• The ongoing cost figure (OCF) must be presented as the headline figure both as a percentage and as a pounds-and-pence number.
• A 1-10 risk and return scale (adjusted from a 1-7 scale), calculated by the standard deviation of returns over 10 years, representing long-term volatility.
• Historical performance of the past 10 years of returns data, shown with a benchmark. 

The transition period for the CCI regime will begin on April 6, 2026. From this date, manufacturers can either create a new product summary or follow current disclosure requirements. 

The FCA mandates full compliance for the rule by June 8, 2027. By this date, all in-scope products must be supported by CCI-compliant disclosures. 

Morningstar’s recent industry discussions and roundtables reveal several themes.

• Most firms are still assessing implementation approaches to align to internal reporting cycles.
• Machine-readable files are emerging as the most complex requirement, with no agreed industry standard.
• There is demand from distributors for industry-wide standardization to avoid fragmented formats and ingestion challenges.

• Designing new document templates without prescribed standards
• Producing and maintaining machine-readable files alongside PDFs
• Managing unclear update triggers and material change requirements
• Aligning Product Summaries with existing factsheets, websites and client materials
• Supporting distribution across platforms, aggregators, and client channels

• Ingesting machine-readable files from multiple manufacturers, often in inconsistent or evolving formats
• Normalising and mapping data fields to ensure consistency across platforms and systems
• Integrating Product Summary data into existing workflows, tools, and client interfaces
• Managing version control and updates as disclosures change over time
• Ensuring timely delivery of point-of-sale disclosures across multiple distribution channels
• Moving beyond document access to data ingestion, standardisation, and scalable delivery workflows

Firms can leverage Morningstar’s off-the-shelf Product Summary templates or create bespoke outputs aligned to their own specifications, maintaining full control over branding and presentation. Disclosures can be delivered through Morningstar’s ecosystem in multiple formats—including machine-readable files, HTML, and PDF—enabling seamless integration into distributor systems and digital workflows.

Our capabilities include: 

• CCI Product Summary templates through MPS and machine-readable file production 
• Calculation engine to assist asset managers with key metrics, including the 10-scale risk and reward score
• Distribution enabling timely, scalable delivery of disclosures across distributors and market participants without manual intervention

Market-wide CCI Product Summary and data coverage for managed investments  

We source the Product Summary documents from manufacturers and deliver standardised, structured datasets through our services, enabling point-of-sale compliance and improving product selection, portfolio analysis, and client reporting.

Our capabilities include:  

• Whole-of-market Product Summary PDF and Machine-Readable File Documents 
• Curated data from the Product Summary
• Flexible delivery options

1 Financial Conduct Authority, 2025. Policy Statement PS25/20, Supporting informed decision making: Final rules for Consumer Composite Investments. P. 6, 1.15. https://www.fca.org.uk/publication/policy/ps25-20.pdf