The Berne Financial Services Agreement

Explaining the UK-Switzerland Agreement on Mutual Recognition in Financial Services

The UK and Switzerland signed a landmark Agreement on Mutual Recognition in Financial Services (the Berne Financial Services Agreement) in December 2023. It is the outcome of more than two years of negotiations and ambitions on both sides to conclude an international agreement that enhances the cross-border market for financial services. This is in many ways unchartered ground for trade agreements.

The agreement is broad in scope, covering banking, insurance, investment services and financial infrastructure. It allows firms who are not already authorised locally to provide certain services on a cross border basis.

This paper, produced by the City of London Corproation and Clifford Chance, seeks to give a practical explanation of the Berne Financial Services Agreement for firms. In doing so, it highlights the benefits of the Agreement and outlines next steps. Much will depend on how the UK and Switzerland implement the Agreement and we hope this paper will also help firms engage with the process. The paper also looks at additional mechanisms to expand the UK-Switzerland financial and professional corridor still further to the benefit of both UK and Swiss firms and their clients.