SWITZERLAND AND UK TO PURSUE MUTUAL RECOGNITION ON INSURANCE

The UK and Switzerland have committed to an “ambitious” cross-border financial services trade agreement that will include insurance. On Tuesday, UK Chancellor Rishi Sunak and head of Switzerland’s Federal Department of Finance Ueli Maurer signed a joint statement committing to developing an international agreement on financial services that will include an “outcomes-based” mutual recognition agreement on insurance. The agreement covers cross-border financial services, including insurance, banking, asset management and capital markets. According to Sunak, technical work will begin immediately ahead of the UK/Switzerland financial dialogue in September.