The Financial Conduct Authority (FCA) is calling on UK and Swiss firms to express interest in offering cross-border financial services under the Berne Financial Services Agreement (BFSA). This landmark agreement is designed to reduce regulatory hurdles and strengthen the UK’s global financial competitiveness.

The BFSA will simplify how UK firms deliver wholesale financial services within Switzerland by allowing them to operate under UK rules—removing the need to comply with Swiss regulatory frameworks. This shift is expected to increase efficiency and open new business opportunities for firms on both sides.

Ruairi O’Connell, FCA’s Director for International, shared his enthusiasm for the initiative:

“This agreement will reduce barriers and ensure open access between the UK and Switzerland for decades to come. It supports growth by enabling investment, fostering innovation, and keeping our financial services sector world-leading.”

He added that the FCA is working hand-in-hand with Swiss regulators to build mutual supervisory arrangements and set up a streamlined registration process for interested firms.

Switzerland has already proven to be a vital partner for the UK, with financial services trade between the two nations hitting nearly £5 billion in 2024. The BFSA is expected to deepen this relationship further, aligning with broader efforts to position the UK as a global hub for wholesale markets.

Key Provisions of the Treaty:

• UK insurers will be able to offer wholesale insurance products within Switzerland without needing Swiss authorisation.
• Conversely, Swiss firms will gain the ability to provide investment services to eligible UK clients—such as high-net-worth individuals and professional investors—without UK authorisation requirements.