The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are jointly publishing guidelines to assist firms considering providing services under the Berne Financial Services Agreement (BFSA).
To support firms in navigating this new framework, the joint PRA/FCA Guidelines have been published. These guidelines are intended to assist firms who are considering providing services under the Agreement by clarifying expectations, outlining operational considerations, and helping ensure compliance with relevant regulatory standards.
The BFSA is an outcomes-based mutual recognition agreement between the United Kingdom and Switzerland. It facilitates cross-border financial services trade, providing new market access in selected areas and securing existing levels of access. New market access allows UK insurance companies to offer certain wholesale insurance services in Switzerland without needing Swiss authorisation, while Swiss firms can offer certain investment services to sophisticated clients in the UK without requiring UK authorisation. The Agreement will take effect on Thursday 1 January 2026.
UK Berne Financial Services Agreement (BFSA) Guidelines