DISC 3.2 Preparing and updating the underlying core information disclosures and product summary

For each consumer composite investment that is, or will be made, available for distribution to retail investors, the manufacturer must prepare the core information disclosures in accordance with the requirements of DISC 4 (General product information), DISC 5 (Risk and return information), DISC 6 (Costs and charges information) and DISC 7 (Performance information).

In respect of each consumer composite investment it manufactures and which remains available for distribution to retail investors, the manufacturer must:

1. (1) review the core information disclosures regularly and at least once in every 12-month period; and
2. (2) revise or update the core information disclosures and the product summary as necessary to ensure that they remain up to date and compliant with applicable requirements in DISC 3 to  DISC 7, and in particular DISC 3.1.2R.

1. Following the review in DISC 3.2.2R, the manufacturer must ensure the following are provided to the distributors of the consumer composite investment:
2. (1)the revised or updated core information disclosures, including:
   1. (a) a reasonable summary of material changes to the information previously provided; or
   2. (b) if the core information disclosures did not require any revisions or updating, confirmation of this; and
3. (2) a revised or updated product summary.

Factors requiring a review of the core information disclosures and a revision of the product summary outside of an annual review schedule include, in particular:

1. (1) a material change to a consumer composite investment's investment objectives and strategy; or
2. (2) the onset of market events or circumstances which the firm ought reasonably to know are capable of materially altering the consumer composite investment's risk and return information.

1. (1) For avoidance of doubt, the scenario in (2) is not itself a factor which the FCA would regard as requiring a review outside the annual review schedule.
2. (2) The scenario is where a consumer composite investment's initial risk and return score falls on the borderline between two risk classes in the volatility scale in DISC 5.4, such that a calculation under DISC 5.2 or DISC 5.3 (as applicable) at different times within a 12-month period might yield a slightly different annualised volatility interval resulting in the consumer composite investment falling into the risk class above, or below, its existing ranking.

The manufacturer must keep a copy of the product summary for each consumer composite investment after it is prepared and following any subsequent reviews, amendments, or updates, and keep it for at least 3 years.