On 20 March 2023, the FCA published a statement in response to an announcement made by the Swiss Financial Market Supervisory Authority (FINMA) in relation to the merger of UBS and Credit Suisse.

The statement notes that the Swiss authorities have announced a wide range of actions to support financial stability. The FCA was in contact with its Swiss counterparts and other UK regulatory authorities in advance of the announcements.

The FCA has indicated that it is minded to approve these actions in relation to entities which fall under its regulatory and supervisory remit, and it will continue to engage closely with UK and international regulatory partners to monitor market developments.