Read PS25/20[5]

What we are changing

Consumers need concise, clear information delivered at the right time to make effective decisions. We are reforming retail investment product information by moving to a more flexible and proportionate approach, that will let firms innovate and produce more engaging, consumer-centric communications.

Manufacturers will have considerable freedom over the design of product summaries. Distributors will have the flexibility to design engaging journeys that highlight the key information.

We have set out standardised requirements only for the content which we think must be included, to ensure consumers can compare information that is calculated to common standards on costs, risk and return and past performance.

Our rules set minimum requirements that firms can add additional information to if they think it will help consumer understanding. The guiding standard is what works best for consumers.

Firms have an 18-month implementation period before the regime comes fully into force. During this time, they will be able to familiarise themselves with the new rules and make the necessary changes to their systems and procedures.

Who this is for

This Policy Statement applies to firms that manufacture or distribute CCIs:

• A manufacturer of a CCI is a person who creates, develops, designs, issues, manages, operates, or carries out a CCI.
• A distributor of a CCI is a person who offers, advises on, or sells a CCI, or provides investment services relating to a CCI to retail investors.

This PS will also be of interest to:

• Consumers and consumer organisations.
• Industry bodies that represent or provide professional services to investment firms.

Next steps

The optional transition 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. More detail on the transitional provisions is provided in chapter 8[6].

This transition option is available to all manufacturers, including manufacturers of Overseas Funds Regime (OFR) schemes.

The rules in this PS will come into effect on 8 June 2027.

Background

This regime will help support a thriving retail investment culture in the UK as part of a wider package of consumer investments reforms.

The choices consumers make – how much to save or invest and what to invest in – play a huge role in determining their financial wellbeing in later life. Around 19 million UK adults hold retail investment products (Financial Lives survey 2024).

We want to see a market that empowers more consumers to invest for their future with confidence, understanding the costs, risks and potential returns.