SWITZERLAND-Ministers Ink Deal On Financial Services

UK Chancellor of the Exchequer Jeremy Hunt is speaking in the Swiss capital Bern at the signing of the financial services agreement reached between the two countries that was announced on 20 Dec. Hunt says that the UK and Switzerland have agreed a 'first of its kind' financial sector agreement. Hunt: 'Agreement will work as a bridge between the two markets...enable cross-border provision of wholesale financial services'. Claims that 'UK firms will be able to serve Swiss clients and vice versa...The agreement secures unique access for UK insurance intermediaries.' Also states that the agreement 'has provision for future expansion.'

• Hunt adds that the UK is 'happy to' talk to any other countries regarding a similar financial services deal.
• The agreement, known as the Bern Financial Services Agreement, will see the UK and Switzerland recognise one another's regulations and legislation in relation to financial services.
• FT: "This week’s agreement permanently restores UK access to the Swiss financial sector, with some additional benefits, a diplomat in Bern said. It also paves the way for a more comprehensive trade deal."
• In the UK domestically, the deal will likely be touted by the gov't as a symbol to the business community regarding the gov'ts outward-looking nature in the post-Brexit landscape. However, given the specific nature of the deal in relation to financial services, it is unlikely to have a wider political impact.