The UK’s retail investment landscape is bracing itself for another regulatory shake-up.

The Financial Conduct Authority (FCA) Consumer Composite Investments (CCI) regime, finalized in PS25/20, promises to make structured products and other composite investments more transparent and “consumer-friendly”. Under the new rules, any investment whose returns depend on the performance of underlying or indirect assets qualifies as a CCI But for industry insiders, particularly manufacturers of structured retail products (SRPs) and institutional investors who distribute them,