The United Kingdom and Switzerland are set to establish a new post-Brexit agreement on financial services. The agreement, titled “Mutual Recognition Agreement for Conformity Assessments,” aims to strengthen and bring closer together the connections between the two financial centers.

On Thursday, British Finance Minister Jeremy Hunt is expected to visit Bern, where he will sign the agreement alongside Swiss Federal Councillor Karin Keller-Sutter. The British Treasury stated that this financial services agreement with Bern is only possible due to the new freedoms gained by the United Kingdom after its departure from the European Union. The agreement is expected to enhance the already flourishing financial services relationship between the United Kingdom and Switzerland.

The agreement allows for cross-border market access for a wide range of financial services, including insurers, banks, asset management, and capital market infrastructure. The British side believes that the agreement will benefit the United Kingdom after Brexit and is expected to bring advantages for businesses and wealthy individuals in both countries. For retail customers, there are not expected to be any changes.

This agreement has been in the works for some time and was initially initiated by Swiss Federal Councillor Ueli Maurer. The agreement was originally intended to be ready for signing by the summer of 2023.

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Information	Details
Geography	Europe
Countries	🇬🇧 🇨🇭
Sentiment	very positive
Relevance Score	1
People	Ueli Maurer, Karin Keller-Sutter, Jeremy Hunt
Companies	Financial Times, Vereinigtes Königreich, Schweiz, British Finanzministerium, Bundesrat
Currencies	None
Securities	None