The PRIIPs KID Is Dead: What Replaces It on 8 June 2027
For nearly a decade, anyone buying a fund, an investment trust or a structured product in the UK was handed the same short document before they parted with their money. It was called a Key Information Document, or KID, and it came from a European regulation known as PRIIPs. It promised to make products comparable on a single page. In practice it became a byword for disclosure that confused more than it clarified, with performance scenarios that could flatter a product and cost figures that few savers could interpret. That document is now being retired, and the calendar for its removal is fixed.
The replacement comes from the Financial Conduct Authority’s policy statement PS25/20, published on 8 December 2025 under the title Supporting informed decision making. It sets the final rules for a new category the regulator calls Consumer Composite Investments, or CCIs, and it sweeps away two overlapping regimes at once: the PRIIPs KID and the older UCITS Key Investor Information Document that fund managers produced alongside it. In their place sits a single document, the CCI product summary.
What a Consumer Composite Investment is
The label is deliberately broad. A composite investment is one whose return to the retail investor depends on the performance of underlying assets that the investor does not hold directly. That captures the bulk of the packaged retail market: authorised funds, including those sold into the UK through the Overseas Funds Regime, investment trusts, structured products and structured deposits. By drawing the perimeter around economic substance rather than legal form, the FCA has folded products that used to sit under different disclosure rules into one framework.
The rules themselves were made through the Consumer Composite Investments Instrument 2025, catalogued as FCA 2025/52, which takes effect on 6 April 2026. They follow the Treasury’s decision to repeal the retained PRIIPs Regulation and hand the FCA the power to design a domestic regime, a power the regulator consulted on through CP24/30 in December 2024 and refined in CP25/9 during 2025.
From prescribed template to outcomes
The most important change is not the number of documents but the philosophy behind them. The PRIIPs KID was a template. Its structure, its risk scale and its cost tables were prescribed in fine detail, and firms had little room to move even where the format worked against comprehension. The CCI regime inverts that logic. It sets out the information a retail investor needs, on costs, on risk, on what the product is designed to do and how it has performed, and then leaves manufacturers and distributors considerable freedom over how they present it.
That freedom is split across two roles the rules define carefully. The manufacturer, meaning the firm that creates, issues or manages a CCI, must produce the product summary and calculate the core figures to common standards so that costs and risk remain comparable across products. The distributor, meaning the platform, adviser or firm that sells or advises on the product, is given latitude to design the journey around that core, presenting the information in a more interactive or layered way rather than as a static leaflet handed over at the point of sale.
This is the point at which the reform connects to the FCA’s wider agenda. The Consumer Duty, in force across the retail market since 2023, requires firms to deliver good outcomes rather than merely tick disclosure boxes. A prescribed one-size template sat awkwardly beside that principle. The CCI product summary is built to be judged by whether it actually helps a consumer understand what they are buying, which is why the FCA frames it as outcomes based rather than format driven.
Why 8 June 2027 is the date that matters
The regime does not switch on all at once, and the gap between its two dates is where the work sits. From 6 April 2026 the new rules are live and manufacturers may start issuing CCI product summaries in place of their existing KIDs and KIIDs. That transition is optional. Full application arrives on 8 June 2027, the point at which the old documents can no longer be used and every in-scope product must carry a compliant CCI product summary.
The window between those two dates, a little over fourteen months, is a familiarisation and build period rather than a grace period for delay. Manufacturers have to re-engineer how they calculate and present costs, risk and past performance, retest their figures against the new standards, and coordinate with the platforms that will deliver the results to savers. Distributors have to rebuild the disclosure step inside their sale and advice journeys, which for large platforms means systems work that cannot be left to the final weeks. A firm that treats 8 June 2027 as a distant deadline rather than the end of an already-running transition risks arriving at the cliff with legacy documents it can no longer lawfully use.
The stakes
The scale explains the attention. On the FCA’s own Financial Lives figures, roughly 19 million UK adults hold a retail investment product of some kind, and almost all of them have at some point been handed a KID or a KIID they may never have fully understood. The bet behind the CCI regime is that clearer, more flexible disclosure, anchored to the Consumer Duty’s outcomes test, will do more for those savers than a Brussels-era template that survived Brexit only to be judged not fit for purpose.
Whether the new product summaries prove clearer in practice will not be known until they are in front of consumers at scale. What is settled is the direction and the deadline. The PRIIPs KID and the UCITS KIID are on their way out, the CCI product summary is on its way in, and 8 June 2027 is the day the transition stops being a choice.
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