UK Regulatory Catch-up: Quarterly Update
Reference
A) Latest: new UK ‘consumer investment’ regimes
1. UK-CCI regime enacted; UCITS/PRIIPs disclosures revoked
On April 6 2026, the Financial Conduct Authority’s new Consumer Composite Investments disclosure regime began to apply. All UK-PRIIPs KID legislation is now repealed.
During the 14-month transition period, early adopters must publicly publish their CCI Product Summary documents, supply them to distributors and file them with the FCA.
Distributors must wait until June 2027 for detailed machine-readable core product information.
2. MiFID Costs & Charges ‘corrected’ for CEICs
The FCA amended their CCI transition rules so that firms' MiFID-aligned costs/charges correctly exclude those of local closed-ended investment companies.
3. FinDatEx agree to review EPT / EMT for UK-CCI updates
FinDatEx intend to re-align their PRIIPs and MiFID templates with UK-CCI changes, with revised specifications expected early next year. Openfunds are monitoring developments, ahead of updating their data standard.
4. FCA’s Targeted Support rules also come into effect
The FCA’s new Targeted Support framework has also applied since 6 April, “hand in hand” with UK-CCI.
This is another part of a "landmark package” to boost UK retail investment.
Authorized firms can now apply for permission, with pre-application support provided.
5. Consumer investments ‘regulatory priority’ events pending
The FCA’s recent “Regulatory Priorities” updates cover nine different local sectors.
Their Consumer Investments report outlines many activities of interest ahead, including:
- H1 2026: Consumer Duty scope & distribution chain consultation
- H1 2026: Client Categorization, conflicts of interest rules
- H2 2026: Targeted Support adoption
- H2 2026: Artificial Intelligence recommendations, evaluation report
- Ongoing: UK Cost Disclosure reform “to continue”
- Ongoing: Financial promotion expectations clarified
B) Other key UK updates
1. Key UK-UCITS/AIF dialogues pending
The FCA’s ‘Wholesale Buy-Side’ report highlights further key events this year:
- Q2 2026: UCITS / AIF fund tokenisation rules
- Q3 2026: AIFMD consultation (delayed)
- Q3 2026: UCITS/NURS fund liquidity risk management rules
- Q3 2026: Fund firm Data Collection consultation
- TBC 2026: UK Crypto regime rules
2. Assessment of Value ‘redux’ disclosure now permitted
The ‘Assessment of Value’ disclosure information (within AFMs’ annual reports) has been simplified.
Firms can now opt to disclose only a summary of the latest assessment results.
At least 58% of AFMs intend “to take advantage”.
3. FCA scraps 25% UK-UCITS funds of funds concentration limit
The 25% restriction from local “concentration rule” (covering UK-UCITS investment in units of another) has been removed.
4. FCA ‘fast-track’ authorisation of defence funds
Defense-focused fund authorizations are now “prioritized”.
C) Sustainability disclosure latest
1. FCA re-structure SDR regime website content
Overhauled Sustainability Disclosure Requirements (SDR) information now available:
- SDR landing page: previous webpage updated;
- How to use sustainability labels: a new webpage explaining how to use labels.
- SDR labels good and poor practice: a new webpage, with examples of good/poor practice.
2. SDR take-up well below forecasts
Only 104 funds have reportedly adopted an SDR label [GBP £41bn AUM → 2.5% of UK market].