The Financial Conduct Authority is calling on firms to submit their interest in providing cross-border services between the UK and Switzerland.
Ruairi O’Connell, director for international at the FCA, said the Berne Financial Services Agreement (BFSA) would reduce barriers and ensure open access between the UK and Switzerland “for decades to come”.
He said: “It is part of our work to support growth, by enabling investment, innovation and ensuring the continued competitiveness of our world leading financial services.
FCA removes advice requirement from Mortgage Rule Review
“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.”
The agreement is expected to make it easier for UK businesses to provide wholesale financial services in Switzerland.
This will be possible by removing the need to navigate Swiss rules as reliance on UK rules will be sufficient.
The FCA said in 2024 UK-Swiss financial services trade amounted to almost £5bn, making Switzerland one of the UK’s top financial services trading partners.
The regulator said the agreement is part of its wider commitment to strengthen the UK’s position in global wholesale markets.
Under the treaty, Swiss firms would also be able to provide investment services to UK high net worth clients, professional clients and eligible counterparties, without requiring authorisation in the UK.
The BFSA is expected to come into force in early 2026.
tara.o’connor@ft.com
What’s your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com