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The UnitedBerne KingdomFinancial hasServices signedAgreement abetween ground-breakingthe agreementUK withand Switzerland.Switzerland The agreement uses outcomes-based mutual recognition of domestic laws and regulations to enable cross-border trade in financial services to wholesale and sophisticated clients.

The dealAgreement createswas asigned rock-solidin frameworkDecember between2023 twoand ofimplementation theis world’scurrently leading financial centres for UK businesses to provide wholesale financial services into the Swiss domestic market.underway.  

This agreementAgreement is built on the UK and Switzerland’s shared belief in open and resilient financial markets and it will cement the open access between the two nations for decades to come.come.  

At its heart is a new and innovative model of mutual regulatory recognition. This provides stability for UK businesses supplying financial services to clients in Switzerland and supports unprecedented new market accessaccess.   securedThe throughAgreement theprovides agreement.for ItUK firms to provide some wholesale insurance services into Switzerland without supervisory authorisation from Swiss supervisory authorities. For investment services, Swiss firms will alsohave reduceaccess regulatoryto barriersthe UK to provide some wholesale investment services without authorisation. The Agreement provides for theUK sectorsfirms itto covers,provide makingsome doingwholesale businessinsurance withservices into Switzerland easierwithout thansupervisory everauthorisation before.from Swiss supervisory authorities. For investment services, Swiss firms will have access to the UK to provide some wholesale investment services without authorisation. 

TheUK signs first of its kind financial services agreement with Switzerland  

For the UK, the first step in implementing the Berne Financial Services Agreement iswas notfor justParliament aboutto improvingscrutinise it in accordance with Section 20 of the outlookConstitutional forReform ourand businesses.Governance ItAct also2010, establisheswhich all international treaties entered into by the UK are subject to. Please see the Explanatory Memorandum setting out background, framework, and principles of the Agreement, including a newsummary globalof bestthe practicecommitments in the Annexes.

The Lords International Agreements Committee conducted an inquiry as part of their scrutiny of the Agreement. The Committee approved the Agreement for regulatoryratification in April 2024. Please see the report and supervisorythe cooperationgovernment response.   

The UK and Switzerland have committed to ensureensuring ourthe respectiveAgreement domesticis objectivesfully andimplemented highby regulatorythe standardsend areof upheld,this withoutyear constrainingso ourfirms freedomcan start registering to takeuse forwardthe Agreement on 1 January 2026. On 21 July 2025, the government’sgovernment strategylaid fortwo financialstatutory servicesinstruments to implement the UK’s commitments under the Berne Financial Services Agreement. Please see information on the statutory instruments and their progress and also at this link.

If you have any questions about the EdinburghBerne Reforms.Financial Services Agreement, you can get in touch at: uk.ch.mra@hmtreasury.gov.uk 

The Financial Conduct Authority (FCA) have launched a webpage on the Berne Financial Services Agreement for UK signsand firstSwiss firms, including an expressions of itsinterest kindform for financial services agreementfirms withinterested Switzerlandin receiving future updates and information on the Agreement.  Firms can express interest by visiting the FCA’s website.

Submitting an expressions of interest form does not mean that you will be automatically registered to use the Agreement on 1 January 2026. 

Separate to the Berne Financial Services Agreement, the UK is also currently negotiating an enhanced Free Trade Agreement with Switzerland that will boost ties and cover the full range of trade between the two countries.