Britain and Switzerland reviewed business use and regulatory experience under their Berne Financial Services Agreement at the joint committee’s first meeting, beginning a wider assessment ahead of their next financial dialogue.
The agreement took effect Jan. 1, 2026. In a joint statement released Nov. 5, HM Treasury and Switzerland’s State Secretariat for International Finance said members reviewed firms’ experience with the agreement and heard regulators’ views on its operation. The governments welcomed its implementation and said they intend to assess its performance and possible development before the next dialogue.
The meeting was held in London on Nov. 4. Representatives of the Bank of England, Financial Conduct Authority, Swiss National Bank and Swiss Financial Market Supervisory Authority took part. Officials also exchanged views on their economic outlooks.
Financial stability discussions covered Switzerland’s ongoing “too big to fail” reforms, priorities for the Financial Stability Board and risks associated with nonbank financial intermediaries. Officials considered opportunities and financial stability risks related to artificial intelligence in financial services. Other agenda items included cryptoassets and stablecoins, digital finance and tokenization, and sustainable finance.
The two sides exchanged updates on the Digital Pound and Project Helvetia. The UK outlined work on the Digital Markets Champion, Digital Gilt Instrument and Digital Securities Sandbox. Switzerland presented work on open finance and efforts to strengthen its financial center.
After the meeting, TheCityUK and the Swiss Bankers Association led a business roundtable. The governments plan to hold their next financial dialogue in Switzerland in the second half of 2027.
