On 22 September 2025, the Financial Conduct Authority (FCA) published a memorandum of understanding (MoU) between itself, the Swiss Financial Market Supervisory Authority and the Bank of England (BoE), including the Prudential Regulation Authority, setting out the arrangements for supervisory cooperation and information sharing under Article 14(5) of the Berne Financial Services Agreement (BFSA).
The MoU and its annexes apply where cooperation is for the purposes of exercising a function of an authority in line with Article 14 BFSA and within scope of Sectoral Annex 4 Section VIII (Insurance) and Annex 5 Section X (Investment Services) BFSA. It outlines cooperation activities including the sharing of information, confidentiality, onward sharing and data protection between the authorities. Existing cooperation arrangements will continue to apply in respect of all other cooperation between the authorities.
The MoU does not create any legally binding obligations on the authorities to share information with each other in respect of fiscal, penal and competition matters.
The MoU takes effect on the date the BFSA enters into force.
Further information on the BFSA can be found in our briefing note The Berne Financial Services Agreement: A New Era for UK-Swiss Market Access.