The UK-Switzerland Financial Dialogue took place in London on 4 November 2026. The dialogue included the first meeting of the Joint Committee on the Berne Financial Services Agreement, which came into force on 1 January this year. Officials from HM Treasury and the State Secretariat for International Finance were joined by representatives from the respective supervisory authorities, including the Bank of England (BoE), Financial Conduct Authority (FCA), Swiss National Bank (SNB), and the Swiss Financial Market Supervisory Authority (FINMA).
The UK and Switzerland updated on their respective macroeconomic outlooks. The UK updated on the Autumn 2026 Budget, the Government’s Financial Services Growth & Competitiveness Strategy, and the priorities of the FCA and BoE. Switzerland updated on the Swiss Government’s financial services policies.
The delegations exchanged information on their respective financial stability priorities. This included an update by the Swiss delegation on the ongoing ‘too big to fail’ reforms, a discussion on respective priorities for the Financial Stability Board, and on risk resulting from non-bank financial intermediaries. Furthermore, the UK and Switzerland discussed opportunities and stability risks of Artificial Intelligence in financial services. Switzerland updated on its ongoing work to strengthen the competitiveness of its financial centre, including efforts to identify scope for optimising financial market regulation or the comprehensive review of the Swiss capital market.
The UK and Switzerland discussed their priorities and approaches to cryptoassets and stablecoins, including potential avenues for further collaboration. Both sides updated on digital finance and tokenization, specifically the Digital Pound and Project Helvetia, led by the BoE and SNB respectively. The UK updated on the work of the Digital Markets Champion, the Digital Gilt Instrument (DIGIT), and the Digital Securities Sandbox (DSS). Switzerland also presented its ongoing work on open finance in the financial sector.
The delegations discussed their respective priorities and approaches to sustainable finance. The discussion included topics such as disclosures, transition plans, transition finance, and sustainability reporting standards.
As part of the dialogue, the UK and Switzerland held the first Berne Financial Services Agreement (BFSA) Joint Committee, established by Article 23 of the BFSA. The Joint Committee discussed uptake and firm usage of the BFSA and listened to supervisory authorities’ reflections on the operation of the BFSA. Both sides welcomed the successful implementation of the agreement since its entry into force. Both sides also agreed to reflect further on the functioning and development of the BFSA ahead of the next Financial Dialogue.
The Dialogue was followed by a UK-Switzerland business roundtable, led by TheCityUK and the Swiss Bankers Association. The next Financial Dialogue will be held in Switzerland in the second half of 2027. The UK and Switzerland reaffirmed their commitment to continued close cooperation.
