Yesterday, December 21, the United Kingdom and Switzerland announced a post-Brexit financial services agreement, aimed at making it easier for companies and wealthy people from both countries to do business together.
The agreement, formally known as the Berne Convention on Financial Services, provides for mutual recognition of their respective national laws and regulations on financial services.
The British Department for the Economy said this would allow “the frictionless provision of cross-border financial services” between the two countries in areas such as asset management, banking and investment services.
British Treasury Secretary Jeremy Hunt said: “The Berne Agreement on Financial Services is the first of its kind in the world and relies on the strengths enjoyed by the United Kingdom and Switzerland as two of the largest financial centers in the world.”
“It promotes open access to financial services between our two countries for decades to come, helping us grow the economy and serving as a model for future agreements with other major trading partners,” the official said.
Hunt traveled to Switzerland yesterday to sign the new agreement with his Swiss counterpart, Karin Keller-Sutter.