The FCA is inviting UK and Swiss firms to submit interest in providing cross-border services as part of the Berne Financial Services Agreement (BFSA).
This will help reduce regulatory barriers and boost the international competitiveness of UK financial markets.
The agreement will make it easier for some UK businesses to provide wholesale financial services into the Swiss domestic market – removing the need to navigate Swiss rules as reliance on UK rules will be sufficient.
Ruairi O’Connell, Director for International at the FCA, said: 'This agreement will reduce barriers and ensure open access between the UK and Switzerland for decades to come.
'It is part of our work to support growth, by enabling investment, innovation and ensuring the continued competitiveness of our world leading financial services.
'We are working closely with our Swiss counterparts to put in place mutual supervisory arrangements and creating a streamlined process for both Swiss and UK firms to register their interest.'
In 2024 alone, UK-Swiss financial services trade amounted to just under £5bn, making Switzerland one of the UK’s top financial services trading partners.
The agreement forms part of our wider commitment to strengthen the UK's position in global wholesale markets, supporting growth.
Under the treaty, UK insurance companies will be able to provide wholesale insurance services into the Swiss domestic market without requiring Swiss authorisation. Swiss firms will also be able to provide investment services to UK high net worth clients, professional clients and eligible counterparties, without requiring authorisation in the UK.
Firms can express interest in the BFSA and find out more on our new BFSA page[2].