Switzerland and UK sign financial services agreement

On 21 December 2023, the United Kingdom (UK) and Switzerland signed a comprehensive agreement on financial services that is based largely on mutual recognition of regulations (“Financial Services Agreement Switzerland-UK”).

The agreement provides a basis for measures to open up markets in the areas of banking, securities services, asset management, insurance and stock exchanges.

The UK is one of the most important export markets for the cross-border wealth management of Swiss financial institutions. For Swiss banks, the agreement will above all bring improvements and legal certainty in the needs-based servicing of wealthy private clients, who make up a large part of the cross-border banking business.

The Swiss Bankers Association (SBA), the Asset Management Association Switzerland (AMAS) and SIX welcome this important step. 

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