The Regulations to create the Consumer Composite Investments regime, and set the designated activities relating to them have been made effective from 22 November 2024 for the purposes of setting out the regime and allowing the FCA to make rules. The regime and rules will take effect once the assimilated PRIIPs regulation has been revoked. The Regulations:
- define what a CCI is – tailoring the EU definitions to suit UK markets
- establish the designated activities of manufacturing, advising, offering and selling a CCI to a UK retail investor
- give FCA to power to make rules on disclosure, and to supervise and enforce its regime
- establish civil liability for breaches of relevant FCA Rules
The Government has not yet confirmed when the regime will fully take effect.