ALFI responds to FCA consultation on new CCI disclosures

The FCA is consulting on a new information disclosure framework for Consumer Composite Investments (CCIs), which is intended to replace the current UCITS KIID and modified EU PRIIPs rules in the UK. The new rules will also apply to non-UK (overseas) funds which are marketed to UK retail investors.

In its response, ALFI understands the approach of having consistent product disclosure rules in the UK, and it welcomes where rules are similar to the European PRIIPs KID regime. There is a need to further clarify the relationship between product manufacturers and distributors, as the proposed new rules which give more flexibility to distributors may lead to difficult situations in terms of responsibility. ALFI also provides feedback to the proposed more prescribed disclosures on costs and charges, risk and reward, as well as past performance.

View the ALFI response.