The Berne Financial Services Agreement

In December 2023, the UK and Switzerland signed the Berne Agreement, a groundbreaking mutual recognition agreement (“MRA”) designed to enhance cross-border financial and insurance services. This agreement simplifies regulatory compliance for firms in both countries, resulting in new business opportunities in sectors such as asset management, banking, insurance, and investment services.

This agreement creates a framework where each country recognises the other’s financial regulatory standards. This allows authorised firms to avoid duplicative regulatory compliance, which will promote efficiency and growth. However, firms must still adhere to certain procedures, such as registration and disclosure obligations for specific client types.