Government

UK and Switzerland strengthen financial services cooperation

Chancellor Rishi Sunak and the Swiss federal councillor Ueli Maurer agreed to continue talks that would reduce costs and barriers for UK firms accessing the Swiss market

Switzerland and the UK are making plans to deepen cooperation on financial services between both countries post-Brexit.

Chancellor Rishi Sunak and the Swiss federal councillor Ueli Maurer have agreed to continue talks that would reduce costs and barriers for firms in the UK accessing Switzerland’s market, and vice versa.

Future negotiations are set to cover a wide range of sectors such as insurance, banking and asset management.

Last week, In a meeting with the biggest global banks, Sunak reiterated that Britain will continue to be one of the world’s “pre-eminent financial centres” despite having left the EU.

A meeting with representatives from the insurance industry, asset managers and other financial services firms is expected to take place next week.

The government introduced regulations targeted at granting share trading equivalence to Switzerland’s trading venues, which subject to regulatory approval, will come into effect on 3 February 2021.

Sunak said: “The UK and Switzerland are both global financial centres, with a shared commitment to high standards of regulation, market integrity and investor protection.

“Our ambition is to deliver one of the most comprehensive agreements of its kind in financial services as part of our plan to seize new opportunities in the global economy now we have left the EU.”

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