Home FCA Handbook DISC DISC 7 DISC 7.4 Benchmarks: other funds
You are viewing DISC 7.4 Benchmarks: other funds as of . DISC 7.4 Benchmarks: other funds was last updated on 06/04/2026.

DISC 7.4 Benchmarks: other funds

06/04/2026R

This section applies where a consumer composite investment is an insurance-based investment product, or an investment in a fund to which DISC 7.3 does not apply.

06/04/2026R

The manufacturer preparing the product summary may opt to include a line in the line graph tracking the performance of a relevant benchmark over the same period and on the same basis as illustrated for the past performance of the consumer composite investment.

06/04/2026R

Where the manufacturer includes a line in the line graph for a benchmark under DISC 7.4.2(R), it must include a statement in the product summary explaining why the relevant benchmark was chosen.

06/04/2026R

Where the manufacturer preparing the product summary opts not to include a benchmark for a consumer composite investment under DISC 7.4.2(R), it must:

  1. (1) omit the line referred to in DISC 7.4.2(R); and
  2. (2) provide in the product summary:
    1. (a) a short explanation of why the manufacturer has opted not to include a relevant benchmark (for example, because it considers there is no relevant benchmark for the fund); and
    2. (b) a short explanation as to how retail investors can assess the performance of the consumer composite investment.
06/04/2026R

In this section, a ‘relevant benchmark’ means a benchmark which, in the considered judgement of the manufacturer preparing the product summary, is likely to support consumer understanding of the investment context within which the insurance-based investment product or fund operates.