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 improve customer filing

Changing a communication method is also an opportunity to decide how customers will find the records later. Review the sender’s process and the recipient’s filing experience together.

An online filing cabinet gives customers a consistent place for issued statements, agreements and notices. Automatic filing can add that benefit to ordinary emails where appropriate, or work through a different sending method where required.

The choice should reflect the particular communication, recipient and applicable rule. Filing convenience does not remove paper rights or other regulatory requirements.

Where Documentd fits

Documentd provides branded online filing cabinets and automatically files customers’ copies. Their account is under their control, and their copies remain available independently of the sender’s systems.

The settled-copy protections described for Documentd apply to documents filed through its sending methods. They should not be assumed to apply to files uploaded directly in Keepd. A branded cabinet or a product name alone does not establish that a particular communication meets every applicable rule.

Start with web send. Once your company is set up, copy-in adds filing to ordinary email and attachments; those email copies still go to the recipient. Email integration and the API support other workflows.

See Documentd’s durable-medium approach and the available filing methods.

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?