On the Road to CCI: Clearstream and the IA join forces to inform the industry
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On June 16, 2026, Clearstream Fund Services hosted an event to assist fund firms facing the new Consumer Composite Investments (CCI) regime. Our ‘UK CCI: The Countdown Continues’ webinar panel included Mark Sherwin from the Investment Association. Together, we shared critically important insights into these unprecedented new disclosure rules, which fully apply in less than one year.
Latest Developments
We're already over 33% of the way through the FCA's 18-month implementation period. Since April 6, 2026, firms can opt to switch to the new Product Summary Document (PSD). However, the FCA has issued no formal update since publishing its UK-CCI rules and much remains unclear.
A senior FCA Director recently urged firms to embrace the regime's freedoms—to "ditch the legalese, impenetrable financial jargon for plain English descriptions” of the fund’s objectives, costs, risks, potential returns, and performance.
In practice, key complexities include firms’ parallel obligation to base their PSD on an underlying machine-readable Core Information Disclosure (CID) file required for distributors, again without a prescribed template.
Pending FCA consultations covering MiFID and the Consumer Duty could further complicate CCI processing and FinDatEx's efforts to realign its EMT/EPT data templates (expected early 2027). Firms must also track the FCA's broader ‘Consumer Investment package’, with the Investment Association's Risk Warnings guidance available to assist efforts to meet specific local consumer understanding expectations.
Industry Preparations
With less than 12 months left to prepare, we examined major challenges now facing those in scope:
All firms must meet full regime obligations by June 8, 2027, including many correlated requirements across the FCA handbook. They must also adapt systems (in the absence of CID/PSD technical standards), while tracking FCA consultations and FinDatEx progress.
Manufacturers must determine which products fall within CCI scope, then prepare both new disclosures covering each share class. Both CID and PSD must be published online, supplied to distributors, and filed with the FCA. Annual reviews are required, along with record-keeping obligations.
Distributors must build systems to receive, store and deliver PSDs, promote investor engagement with key product information, and ensure all communications across the distribution chain are consistent.
UK Authorized Fund Managers face specific Consumer Duty obligations, including testing consumer understanding and demonstrating fair value.
EU firms must maintain dual EU-PRIIPs KID and UK-CCI PSD disclosure requirements, while meeting FCA general principles and product governance rules.
Our solution
Clearstream presented our end-to-end CCI solution.
This will enable asset managers to achieve compliant, scalable, and efficient operations while transforming regulatory complexity into competitive advantage.
The platform centralizes data into a single validated source, supporting UK‑CCI, PRIIPs, factsheets, and EMT/EPT outputs with consistent, audit‑ready governance. It combines automated calculations, document production, and seamless dissemination to distributors and investors.
Standard templates, plug‑and‑play data ingestion, and flexible branding accelerate deployment, while dynamic content logic and rich visuals enhance investor understanding. Built on regulatory expertise and continuous market insight, the solution anticipates change and aligns with best practices.
Fully automated, scalable workflows industrialize processes, reduce costs, minimize risk, and enable high‑volume, multi‑jurisdictional growth tailored to client needs. It ensures accuracy, consistency, and time to market.
Next steps?
Clearstream Fund Services will respond to residual questions raised at our next UK-CCI client working group, to take place in July. More to follow.