Signing the Regulatory MoU - the Berne Financial Services Agreement

On Monday 22nd September, at Mansion House, we marked a big milestone for UK-Swiss relations and global financial services.

I was delighted to welcome senior leaders from both countries as the Bank of England, Financial Conduct Authority, and Swiss Financial Market Supervisory Authority FINMA signed the Regulatory MoU - an important step in the implementation of the Berne Financial Services Agreement (BFSA).

This first of its kind agreement will unlock new opportunities for firms, and boost cross-border investment between Europe’s two largest financial centres. We hope this sets a global standard for mutual recognition in financial services.

Congratulations to all involved, especially:

Lucy Rigby KC MP, City Minister
Daniela Stoffel, State Secretary for International Finance, Switzerland
Sam Woods, Deputy Governor, Bank of England & CEO, PRA
Stefan Walter, CEO, FINMA
Sarah Pritchard, Deputy CEO, FCA
James Squire, HM Ambassador to Switzerland
Dominique Paravicini, Ambassador of Switzerland to the UK

This is a unique moment to strengthen our partnership and ensure UK and Swiss firms are ready to seize the benefits as soon as the agreement comes into force in early 2026.