The Berne Financial Services Agreement (BFSA) Between Switzerland And The UK

Key Take-aways

1. The BFSA will go live in January 2026, defining areas of financial and insurance services regulation as well as areas of banking, asset management and financial market infrastructure regulation that are mutually recognised as equivalent.
2. For FINMA regulated Swiss financial services providers, the BFSA will allow a cross-border access to UK high net-worth clients without additional UK licenses, but by registering with the FCA through their FINMA communication channel.
3. For UK non-life insurers, it will be possible to access the Swiss market of professional policyholders without a FINMA license. UK insurance brokers will be exempted from a Swiss local presence requirement.