Defining ‘durable medium’ in the digital age

Banks are increasingly turning to alternative ways, other than paper, in which they can communicate with customers. Emily Morton and David Wagget consider how recent legal cases give financial services firms guidance on satisfying the ‘durable medium’ test in the current technological context.

Emily Morton specialises in both contentious and non-contentious financial services regulatory advice at TLT Solicitors, where David Wagget is a trainee.

The idea of giving information in a ‘durable medium’ will be familiar to just about everyone who works in the financial services sector. Various European Union regulations require firms to provide information to their customers in writing, on paper or in a durable medium. Notable examples include the Consumer Credit Directive (CCD) and the upcoming Insurance Product Information Document that will be required to be provided under the Insurance Distribution Directive.