Today, 12 January, 2026 may be one of the most important dates for firms in the retail investment market this year.

Following changes introduced in PS 25/13 – tucked away amongst other reforms to the MiFID Org Reg – the FCA has made a fundamental shift in retail disclosure through relatively minor changes to the definition of ‘durable medium’. This change should make electronic communications the default mode of communication with retail clients, reflecting the amendments made to the MiFID Org Reg. Firms would still need to inform retail clients upfront that they can request paper copies.

For many of our clients launching new products and services into an increasingly digital-first ecosystem, requirements to provide certain information in a ‘durable medium’ has presented a major obstacle in the delivery of products and services that are designed to meet the needs of their target market. This shift from the FCA is part of a wider package of reforms, across retail sectors, which should catalyse the retail sector as it responds to the challenge from central government to facilitate greater retail investment activity. Firms will, however need to take care to ensure that their electronic communications meet the definition of a durable medium – i.e. that it allows the client to receive information personally addressed to them, to store that information for future reference and to reproduce the information unchanged. Firms will also need to consider how they implement this change carefully, to ensure they make it in a way which is compatible with Consumer Duty requirements; in particular the new requirement to notify clients of the right to receive paper copies (and how this notification is made for different cohorts), as part of their enhancements to systems and controls and outcomes monitoring arrangements.

Do get in touch if you would like to discuss this, or any of the FCA’s other reforms to retail investment business in 2026.