In June 2020, Finance Ministers Ueli Maurer and Rishi Sunak issued a joint statement expressing their intention to conclude a financial services agreement (MRA). This should enable cross-border market access for a wide range of financial services in the areas of insurance, banking, asset management and capital market infrastructure. Both Finance Ministers met again in London in December 2021 and expressed their shared intention to continue the negotiations on the MRA in the current constructive spirit.
The Joint Statement signed in June 2020 by Chancellor Sunak and Federal Councillor Maurer exemplifies that spirit and an ambitious MRA in financial services would strengthen both financial hubs, bilaterally as well as internationally. There is an opportunity to deepen the bilateral relations in the area of financial services between our two important financial centres. Switzerland and the UK have established close relations in the area of financial services and our financial centres (London/Zurich/Geneva) play a vital role in European capital markets. The conclusion of a MRA would further enhance the cross-border market for financial services between the UK and Switzerland. In line with work conducted by international bodies such as the G20 and the Financial Stability Board (FSB), both sides reiterate their commitment to an outcomes-based approach to mutual recognition and acknowledge that different approaches to financial regulation can achieve comparable overall aims with regard to market integrity, financial stability and the protection of investors and consumers. Constructive talks are ongoing and both the UK and Switzerland have expressed their willingness to conclude negotiations for the MRA by the end of 2022.