Switzerland to seal financial services deal with UK in 2023

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Switzerland to seal financial services deal with UK in 2023
The City of London. Britain expects financial services deal with Swiss in summer 2023 (Photo by JUSTIN TALLIS / AFP)

The British government said it expects to conclude a ground-breaking deal with Switzerland on cooperation in financial services by next year, Reuters reports.


Britain's finance ministry said on Thursday it expects the agreement to be resolved by late summer 2023, which would help the City of London bolster itself after Brexit.

The ministry said nearly two years ago it was moving to the next stage of talks on a "comprehensive mutual recognition agreement" in financial services such as banking, insurance and asset management.


"They discussed the UK & Switzerland's close relationship & our plans to deepen cooperation on financial services by concluding a Mutual Recognition Agreement by late summer 2023," the ministry said.

Initially it had been hoped that the agreement would be finalised by the end of 2022.

“With this agreement, Switzerland and the United Kingdom wish to reaffirm their commitment to the importance of open financial markets and international financial stability, and to consolidate their position as leading international financial centres in Europe,” it stated.

Both countries say they are committed to “protecting investors and insured persons, as well as maintaining market integrity and financial stability, while adhering to the highest regulatory standards”.

The Mutual Recognition Agreement (MRA) aims to align common standards and supervisory goals which would allow banks and insurance companies in Switzerland and the UK to boost business in each other’s markets.



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