UK and Switzerland Sign Groundbreaking Financial Services Deal

The Bern Financial Services Agreement provides mutual market access, reduces compliance costs and offers unique benefits for UK insurance firms.

The UK and Switzerland have signed a groundbreaking financial services deal, providing mutual market access and reducing compliance costs.
The agreement, known as the Bern Financial Services Agreement, allows firms from both countries to operate in the other while largely following their own country's rules.
UK insurance firms gain unique access to the Swiss market, exempt from rules requiring overseas insurers to have a physical base in Switzerland.
The deal is seen as a blueprint for future agreements and a boost to the City of London's global competitiveness post-Brexit.
Negotiations for a comprehensive UK-Switzerland Free Trade Agreement are ongoing.