The FCA is looking to introduce cross-border services between UK and Swiss firms as part of the Berne Financial Services Agreement.
The regulator has invited firms in both regions to submit their interest in the treaty, which it said will help reduce regulatory barriers and boost the international competitiveness of UK financial markets.
Under the agreement, UK insurance companies will be able to provide wholesale insurance services into the Swiss domestic market without requiring Swiss authorisation, while Swiss firms will be able to provide investment services to UK high net worth clients, professional clients and eligible counterparties, without requiring authorisation in the UK.
Ruairi O’Connell, director for international at the FCA, said: “This agreement will ensure open access between the UK and Switzerland for decades to come.
“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.”
Switzerland is one of the UK’s top financial services trading partners, with UK-Swiss financial services trade totalling almost £5bn in 2024.
The Berne Financial Services Agreement was signed in 2023 to enhance the cross-border market access of financial services between the UK and Switzerland.
