Plans to move forward to the next stage of talks between
the UK and Switzerland on an agreement on financial
services were agreed between the Chancellor and
Federal Councillor Ueli Maurer today.
Following successful initial exploratory talks, the two
countries will move forward with negotiations on the
ambition of delivering a comprehensive mutual recognition
agreement that would reduce costs and barriers for UK firms
accessing the Swiss market, and vice versa. Negotiations
are expected to cover a wide range of sectors such as
insurance, banking, asset management and capital markets,
including market infrastructure.
In addition, the Chancellor also held a roundtable today
with some of the biggest global banks. The Chancellor
reiterated the Government’s commitment to the future of UK
financial services, and confidence that Britain will remain
one of the world’s pre-eminent financial centres having
left the EU. This will be followed next week by a meeting
with representatives from the insurance industry, asset
managers and other firms from across the sector.
The Chancellor of the Exchequer, said: “The
UK and Switzerland are both global financial centres, with
a shared commitment to high standards of regulation, market
integrity and investor protection. Our ambition is to
deliver one of the most comprehensive agreements of its
kind in financial services as part of our plan to seize new
opportunities in the global economy now we have left the
EU.”
Discussions between the UK and Switzerland are set to
continue at official level over coming months.
Earlier this month, the UK laid regulations aimed at
granting share trading equivalence to Switzerland’s trading
venues. Subject to parliamentary approval this will come
into force on 3 February 2021. Once the UK decision is in
force it’s expected that the Swiss will reciprocate by
removing restrictions on UK trading venues.
