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Switzerland and the UK have just agreed a deal that clears the way to unfettered cooperation in financial services, thus moving to restore the pre-Brexit arrangement between the two nations.

The new Bern Financial Services Agreement was signed by Switzerland’s Finance Minister Karin Keller-Sutter and UK’s Chanceller Jeremy Hunt this week. It should shortly be approved by UK and Swiss parliaments.

The agreement covers wealth management, insurance, and financial services. Swiss firms will now be able to provide financial advice to UK residents with wealth over £2m. UK companies will be able to offer commercial non-life insurance products and services to Swiss companies, all without the need for a Swiss entity.

From 2024 foreign companies wishing to offer financial products and services in Switzerland must have a Swiss base. The new agreement will uniquely exempt UK companies from this requirement. In 2022 trade between UK and Switzerland had increased by 53% to more than GBP 3 billion since the UK Brexit referendum in 2016.

Accurity is SECO licensed with a 20+ year enviable reputation as a trustworthy, reliable and transparent partner for companies of all sizes including SMEs, contractors and recruitment agents. Our core services include Employer of Record or EOR for contractors and international and domestic clients wishing to engage contractors. We also supporter our contractors and clients with advice on state and private pensions, health insurances and on housing and other cost of living services and insurance plans. Our pricing system is fair and transparent. We are based in Switzerland and have excellent local knowledge and connections. Contact our team to see how we can help you.