HM Treasury and Switzerland's State Secretariat for International Finance published a joint statement following the Switzerland–UK Financial Dialogue in Berne, setting out areas of regulatory and policy cooperation and taking stock of the remaining steps needed to operationalise the Berne Financial Services Agreement (BFSA) ahead of its planned entry into force on 1 January 2026. The dialogue, attended by the Bank of England, the Financial Conduct Authority, the Swiss National Bank and the Swiss Financial Market Supervisory Authority, covered the macroeconomic outlook, regulatory developments, sustainable finance, market access and innovation. On prudential policy, Switzerland presented parameters for strengthening its too big to fail regime and legislative amendments, and outlined its implementation of the final Basel III framework from 1 January 2025, while the UK reaffirmed its commitment to Basel III and shared the Financial Stability Board Chair’s priorities on addressing risks from the non-bank financial institution sector and strengthening surveillance tools. On BFSA implementation, the parties welcomed the signing of the BFSA Memorandum of Understanding by FINMA, the Bank of England and the FCA, agreed to establish the Joint Committee and procedures for regulatory cooperation, and noted that FINMA and the FCA are finalising supervisory guidance to be published in early November. The authorities reaffirmed the objective of completing the remaining BFSA implementation steps as quickly as possible to support entry into force on 1 January 2026, and agreed to hold the next Switzerland–UK Financial Dialogue in the second half of 2026 while continuing regular working-level exchanges.
HM Treasury 2025-10-09
United Kingdom's HM Treasury and Switzerland's State Secretariat for International Finance outline progress to bring the Berne Financial Services Agreement into force on 1 January 2026
HM Treasury and Switzerland's State Secretariat for International Finance issued a joint statement after the Switzerland–UK Financial Dialogue in Berne, outlining regulatory cooperation and steps to operationalise the Berne Financial Services Agreement by 1 January 2026. Discussions included macroeconomic outlooks, regulatory developments, and Basel III implementation, with Switzerland detailing its too big to fail regime and the UK sharing Financial Stability Board priorities. The parties agreed on establishing a Joint Committee and finalising supervisory guidance, with the next dialogue scheduled for the second half of 2026.