Today in London, Federal Councillor Ueli Maurer met his British counterpart and the United Kingdom’s new Chancellor of the Exchequer, Jeremy Hunt. The two finance ministers welcomed the progress made in the negotiations on a mutual recognition agreement in the financial sector, and looked forward to its finalisation by the end of summer 2023.
The agreement is aimed at facilitating or improving cross-border market access in the banking, insurance, asset management and capital market infrastructure sectors. With this agreement, Switzerland and the United Kingdom wish to reaffirm their commitment to the importance of open financial markets and international financial stability, and to consolidate their position as leading international financial centres in Europe. Both sides are committed to protecting investors and insured persons, as well as maintaining market integrity and financial stability, while adhering to the highest regulatory standards.
The meeting with Chancellor of the Exchequer Jeremy Hunt was Federal Councillor Ueli Maurer’s last official visit. Good relations with the UK were always a personal concern to him, and the visit shortly before Christmas was part of a tradition established during his tenure as Swiss finance minister.