The UK and Switzerland have signed the Berne Financial Services Agreement (BFSA), a landmark deal giving firms in both countries smoother access to each other’s markets.

What Is It?

The BFSA is built on mutual recognition: each country accepts the other’s regulatory standards, cutting duplication and lowering barriers. It primarily applies to wholesale, insurance, and professional services for clients, rather than retail.

When Does It Start?

• 2025: Registration opens through the FCA and FINMA portals.

• Early 2026: Once ratified, eligible firms can begin offering cross-border services.

Key Benefits

• Simpler market entry: No need for full local authorisation in many cases.

• Broader reach: UK insurers can serve Swiss clients directly; Swiss investment firms can work with UK professional clients.

• Lower costs: Streamlined regulation saves time and resources.

Why It Matters

The BFSA strengthens the UK–Swiss financial corridor, opening growth opportunities while maintaining high regulatory standards. It’s a step toward a more interconnected and efficient European economic landscape.

For full details, see: FCA – Berne Financial Services Agreement