PIMFA
The Story So Far
June 2027
Rules come into force - Manufacturers must provide a product summary for all consumer composite investments. This must be supported by the provision to distributors of machine readable data. Distributors can only recommend investments with a valid product summary.
April 2026
Legislation Commences - Beginning of the optional transitional period. After this date, manufacturers will be able to produce a product summary
December 2025
PS25/20: Supporting informed decision making:final rules for Consumer Composite Investments - Feedback to consultation paper responses and final rules aiming to improve the accessibility for product information, investor understanding for fund information and overall improved consumer outcomes.
April 2025
CP25/09 : Further proposals on product information for Consumer Composite Investments - Revised proposals relating to the calculation of transaction costs, simplifcation of cost disclosure rules under MiFID, and transitional provisions.
Summer 2025
Industry workshops - Discussion held to focus on the presentation of costs and charges, roles and responsibilities, risk and return, and transitional arrangements.
December 2024
CP24/30: A new product information framework for Consumer Composite Investments - Consultation introducing the concept of Consumer Composite Investments. Alignment with consumer duty through a more flexible, approach, prioritising good consumer outcomes
December 2022
DP22/06: Future Disclosure Framework - Exploration of what good retail dislcosure should look like. Complementary paper to HMT Consultation. Key themes inlcude delivery, presentation, and content