FCA Electronic Communications and the 2026 Durable-Medium Changes

What changed on 12 January 2026?

The FCA changed its Handbook definition of durable medium so that electronic communications became the default mode for certain MiFID-related communications with retail clients.

The change came into force on 12 January 2026.

The FCA set out the change in Policy Statement PS25/13, explaining that it was amending the Glossary definition of durable medium to reflect changes previously made to the MiFID Organisational Regulation.

This is an important shift towards electronic delivery.

But it needs to be described carefully.

It does not mean that every communication governed by the FCA Handbook is now electronic-by-default.

Which communications are affected?

The current FCA Handbook definition of durable medium contains different conditions for different areas of business.

For specified MiFID, equivalent third-country and optional-exemption business, the definition now provides that:

• a retail client must be informed of the right to receive the information on paper instead of electronically
• if the retail client asks for paper, it must be provided free of charge
• in other cases covered by that part of the definition, information is provided electronically

The affected Handbook areas include specified provisions in COBS covering matters such as client information, agreements, reporting and related MiFID communications.

Firms should check the particular rule applying to the communication rather than treating the change as a universal rule across financial services.

What did not change?

The basic characteristics of a durable medium remain important.

Electronic information still needs to satisfy the underlying definition.

It must enable the recipient to:

• store information addressed personally to them
• access it for future reference for an adequate period
• reproduce the stored information unchanged

The move to electronic-by-default therefore does not turn any electronic channel into a durable medium automatically.

The implementation still matters.

Paper has not disappeared

For affected retail-client communications, the customer still has a right to paper.

The current FCA definition requires firms to tell retail clients about that right and to provide the information on paper free of charge when requested.

So the practical model is not:

Paper is no longer allowed.

It is closer to:

Electronic delivery is the default, with paper available to the retail client on request.

That creates a strong incentive for firms to make their electronic delivery model work well.

The change is not identical across every FCA sector

This distinction is important.

Other parts of the durable-medium definition retain different conditions.

For example, the Handbook contains specific requirements for areas including insurance distribution and certain collective portfolio management communications.

Some of those provisions continue to require a choice between paper and another medium, subject to the relevant conditions.

A firm should therefore identify:

1. which FCA rule requires the information
2. which part of the durable-medium definition applies
3. whether any paper-choice or consent requirements remain
4. whether the chosen electronic method satisfies the durable-medium characteristics

Why this matters operationally

Moving from paper to electronic delivery changes more than the postage method.

A firm needs to decide where the customer’s durable electronic record will actually live.

Common options include:

• email
• email attachments
• secure customer portals
• dedicated document-delivery systems
• other electronic media that satisfy the relevant conditions

The FCA’s general durable-medium guidance confirms that email, PDFs and interactive secure websites can all be capable of satisfying the definition.

The question is how each method works over time.

Email as the default

Email is an obvious electronic option.

It is familiar, cheap and capable of being a durable medium.

But firms may still want to distinguish between using email for communication and using the inbox as the customer’s long-term document store.

See Is Email a Durable Medium? for the regulatory and practical distinction.

Portals as the default

A secure portal can also constitute a durable medium where it satisfies the FCA’s conditions.

But relying on the portal for the customer’s permanent record can create requirements around:

• historic versions
• unchanged reproduction
• long-term access
• former-customer authentication
• portal migrations and replacements

See Can a Customer Portal Be a Durable Medium? for more detail.

A useful opportunity to rethink delivery

The 2026 change gives affected firms a natural reason to review how important customer documents are delivered.

The objective need not be simply to digitise the old paper process.

It can be an opportunity to separate:

• everyday communication
• live account servicing
• permanent document delivery

Email can handle communication.

A portal can handle live information and interaction.

A dedicated delivery layer can handle important documents customers should be able to retain and retrieve later.

Where Documentd fits

Documentd is designed for this third role.

It can sit alongside existing email and customer portals rather than requiring either to be replaced.

Important point-in-time documents are delivered into the customer’s own Keepd document space, giving the customer a persistent place to access the documents they have received.

See Documentd’s durable-medium approach.

The key point

The FCA’s 2026 change is a meaningful step towards electronic-first customer communication for the affected MiFID-related requirements.

But electronic-by-default does not remove the durable-medium test.

The better implementation question is:

If the document is going to be electronic, where should the customer’s long-term, unchanged copy live?