Zeidler Group has turned its attention to one of the most significant shifts in UK retail fund disclosure in years, using the latest episode of its Legal Zeidgeist podcast to unpack the incoming Consumer Composite Investments (CCI) regime.
Host Kate Horgan, Zeidler Group’s head of business development US, was joined by Jeet Doshi, the firm’s head of reporting services, and Gentijana Begu, senior associate, to examine what changes as the CCI framework replaces the existing UCITS KIID and PRIIPs KID regimes.
Among the headline shifts discussed are the move to a 1-10 risk scale, new cost disclosure requirements, and the reintroduction of past performance data. The panel also highlighted the freedom, and the responsibility, that comes with the absence of a prescribed template for the new Product Summary document, leaving firms to design their own format for the first time.
During the discussion, Begu stated, “CCI isn’t just another regulatory deadline. It really gives firms a chance to think differently about how they communicate with retail investors and in the work we are doing with clients now, the focus is turning the rules into a practical plan. that means confirming which products are in the scope, checking what data is already available, identify any gaps and design product summaries that meet the rules, while working for the target investor.
“It also helps to involve the regulatory, data, design and compliance teams from the very start. That way firms can create a product summary that meets the rules, uses data they can reliably provide and it’s easier for investors to understand.
“If firms get this right, the outcome won’t just be a set of compliant documents. It will be a better process and result in disclosures that investors can genuinely understand and engage with.”
Beyond the mechanics of the new regime, Zeidler Group’s guests turned to the practical questions firms are already grappling with. These include which funds fall within scope of the CCI rules, how the representative share class regime might help reduce the overall volume of documents firms need to produce, and what the June 2027 compliance deadline actually means for implementation timelines.
The discussion also covered how governance and underlying data requirements are set to change under the new regime, and what asset managers need to factor in when distributing Product Summaries through platforms and intermediaries, an area where document design choices could have knock-on effects for how funds are presented to retail investors.
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