On 15 October 2024, HM Treasury (HMT) published a joint statement with the State Secretariat for International Finance following the UK-Switzerland Financial Dialogue. The statement summarises what was discussed at the meeting and the key outcomes.

The statement explains that this was the first formal meeting since the negotiations of the Berne Financial Services Agreement (BFSA) concluded in December 2023. The meeting was attended by officials from HMT and the State Secretariat for International Finance, as well as representatives from their respective supervisory authorities including the Bank of England, Financial Conduct Authority, Swiss National Bank, and the Swiss Financial Market Supervisory Authority.

The discussions emphasised “close, ongoing UK and Swiss cooperation in financial services” and focused on key themes including:

  • Economic outlook and financial stability: Participants discussed potential measures that could be taken on the international level to enhance stability of the global financial system, including work on liquidity requirements, and on increasing resilience and crisis preparedness for open bank resolution.
  • The BFSA: The UK and Switzerland noted that the ambition is to complete implementation as soon as possible, by the end of 2025 at the latest, and enter the Agreement into force shortly thereafter. Negotiations of a supervisory cooperation Memorandum of Understanding supporting the BFSA are progressing with a view to reach their concluding stages soon.
  • Sustainable finance: Ongoing work and developments in sustainable finance were discussed, and participants reaffirmed their commitment to close cooperation through a future work programme as outlined in the BFSA. The UK and Switzerland explored common strategic priorities and approaches in this area, covering disclosures, transition plans, and transparency, and emphasised the importance of ensuring that the UK and Swiss sustainable finance standards are interoperable.
  • Artificial intelligence (AI) and innovation: Representatives shared insights on their respective approaches to AI and explored both current and future AI use cases within financial services, including challenges to wider adoption in the sector.
  • Capital markets regulation: Authorities provided an update on the state of play towards achieving T+1 settlement, noting the industry-driven efforts and shared ambition for collaboration in the European region, and HMT outlined the UK Government’s ambition to reinvigorate markets to stimulate investment and innovation within the economy.

It was agreed that UK and Swiss representatives would reconvene in H2 2025.