UK CCI transition: how your compliance and product teams should prepare now

UK CCI replaces PRIIPs KIDs and UCITS KIIDs with a revised risk scale, new performance scenario format and updated cost methodology. Drawing on discussions from our Better-connected Luxembourg event, we set out what investment managers need to know ahead of the 2027 deadline.

The UK Consumer Composite Investments (CCI) regime is now live. The transition period opened on 6 April 2026. Mandatory compliance follows on 8 June 2027. For compliance and operations teams at investment management firms, this is the most significant change to retail investment product disclosure in over a decade.

At a recent FE fundinfo Better Connected event in Luxembourg, we led a detailed session on the practical implications of CCI for firms managing UK-distributed fund ranges. The discussion confirmed what many in the room already suspected: while the regulation is well understood in principle, the operational detail is presenting operational challenges investment managers have not fully anticipated.

CCI replaces the UK UCITS KIID and UK PRIIPs KID. It applies to all products marketed to UK retail investors, regardless of domicile. Open-ended funds, structured products and structured deposits, contracts for difference, insurance-based investment products and other complex or derivative-linked instruments all fall within scope. Pension schemes, vanilla deposits, listed corporate bonds, government securities, closed-ended investment funds, pure protection contracts and long-term insurance sit outside it.

A new risk scale changes your calculation infrastructure

The most visible change under CCI is the risk score. The familiar seven-point SRRI and SRI scales used under UCITS and PRIIPs are replaced by a 10-point scale based on standard volatility (annualised standard deviation).

The lookback period extends from five years to 10. For share classes without a full decade of history, you can simulate using an older share class of the same sub fund. If that is not available, an appropriate benchmark can be used. The current market view, as discussed at the event, favours using the older share class first, then falling back to benchmark.

This matters operationally because the 10-year window reintroduces COVID-era volatility into your calculations. For funds launched after March 2020, risk scores under CCI may diverge materially from their PRIIPs equivalents. Your distribution partners and end investors will notice these differences during the transition window. Proactive communication now will reduce the volume of queries later. The shift from a seven-point to a 10-point scale adds a further layer of complexity, making like for like comparisons between legacy PRIIPs ratings and new CCI scores difficult. Investor and distribution partner education is vital for a smooth transition.

Past performance shifts from bar charts to line graphs

UK CCI replaces the familiar bar chart format with a cumulative line graph. The basis is a £10,000 investment, net of all costs, displayed over up to 10 years using monthly data points. Official fund benchmarks must be included.

The underlying metric does not change. The visual presentation, however, is different enough to require new templates, updated production workflows and revised review processes.

Where a CCI is denominated in a currency other than sterling, firms will need to apply appropriate FX treatment in line with the rules. Data pipelines should be able to support this at the point of production.

What you should do now

The transition window is open. Firms that begin preparing now will avoid bottlenecks as the June 2027 deadline approaches.

To discuss your transition timeline to UK CCI, speak to your FE fundinfo account manager or visit the UK CCI resource hub.

UK CCI transition: how your compliance and product teams should prepare now

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