FCA Launches Webpage on Berne Financial Services Agreement

What’s new?

On 23 July 2025, the Financial Conduct Authority (FCA) published a new webpage on the Berne Financial Services Agreement (BFSA).

Under the BFSA, UK insurance companies will be able to provide wholesale insurance services into the Swiss domestic market without requiring Swiss authorisation while Swiss firms will be able to provide investment services to UK high net worth clients, professional clients and eligible counterparties, without requiring authorisation in the UK.

Firms can begin the process of accessing the BFSA register by submitting an expression of interest form.

What does the webpage say?

The webpage outlines the following key points:

New Market Access

Currently, Swiss investment firms can provide investment services in the UK either through the Overseas Persons Exclusion (OPE) or by obtaining authorisation in the UK.

The BFSA introduces a new access route for firms while maintaining existing pathways, such as the OPE. However, firms must decide between access routes on an activity-by-activity basis and cannot use both routes simultaneously for the same type of service.

Under the BFSA, Swiss firms will be able to provide cross-border investment services to UK high-net worth clients, professional clients and eligible counterparties without requiring UK authorisation. Swiss firms will only need to comply with Swiss requirements when providing such services into the UK.

To be eligible, Swiss firms must:

• be a Swiss entity authorised and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank, securities firm, fund management company, manager of collective assets, or portfolio manager and
• not have Part 4A permission for the services they wish to provide through the BFSA.

Swiss firms with an existing UK presence can still provide services covered under the BFSA. However, this must be done through their Swiss-based entity rather than their UK-authorised branch.
 
Application Process

UK firms will apply through the FCA’s Connect platform by submitting a notification form. The form will require firms to:

• provide their firm name, firm registration number (FRN), contact details and the classes of insurance they wish to provide in Switzerland
• confirm their eligibility for the BFSA, as outlined in Annex 4 Section IV Paragraph B of the Agreement and
• declare compliance with the conditions set out in the Agreement.

If successful, the FCA will confirm the firm’s eligibility to the FINMA within 30 days. FINMA will then place the firm on its public BFSA register within 30 days, at which point the firm can begin providing services in Switzerland.

Swiss firms will apply through FINMA’s survey and application platform (EHP). The form will require firms to:

• provide their firm name, FRN, contact details and the services they wish to provide into the UK and
• declare compliance with the conditions set out in the Agreement.

If successful, FINMA will confirm the firm’s eligibility to the FCA within 60 days. The FCA will then place the firm on its public BFSA register within 30 days, at which point the firm can begin providing services in the UK.

Next Steps

The BFSA is expected to enter into force in early 2026. Below is the timeline for its implementation:

• July 2025: Eligible Swiss investment firms and UK insurers can submit expressions of interest.
• September 2025: A Memorandum of Understanding will be signed, and consultation on FCA Handbook changes will commence.
• November 2025: Regulators will publish operational guidance.
• Early 2026: The BFSA is expected to enter into force following ratification, allowing firms to begin submitting notifications.

The legislation that will implement the UK’s commitments to the BFSA was laid before Parliament on 21 July 2025.