Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

18 QUICK LINKS AIFMD (UK) CRYPTOASSETS DATA EMIR FINTECH FSB IOSCO MARKET ABUSE REGULATION MICA MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2025 FCA Publishes 2nd Consultation on Consumer Composite Investments On 16 April 2025, the FCA published Consultation Paper CP25/9 ‘Further proposals on product information for Consumer Composite Investments’ (2nd CCI CP). The FCA says that the 2nd CCI CP sets out further plans to boost confidence and drive investment. The FCA said in its first CCI consultation that it would follow up on draft rules about consequential changes to other Handbook materials and draft transitional provisions or amendments to the transaction costs. These matters were not included in the first consultation to prevent a delay but are being consulted on now. This 2nd CCI CP covers: • Removing the requirement for firms to calculate and disclose implicit transaction costs. This would remove a significant compliance requirement for firms, while ensuring that consumers are still provided with the most relevant information about product transaction costs. The FCA is keen to hear views on how to make sure that these costs are understood. • Simplifying overall cost disclosures by aligning other cost disclosure rules to CCI requirements. • Consequential amendments to other parts of the FCA Handbook that result from the new CCI rules. • Provisions for the transitional period until the CCI regime comes into full force. The FCA says that it welcomes views through the consultation about how best to design an outcomes-focused regulation that is fit for many years to come. Deadline for response is 28 May 2025. The FCA says that it plans to issue a Policy Statement covering both consultations with final rules in late 2025. Link to CP25/9 here