The Assetizer · 28 April 2024
Sir Stephen Timms, MP, Discusses Closer UK-Switzerland Ties During Visit to GenTwo
When the Berne Financial Services Agreement was signed on December 12, 2023, it heralded a significant strengthening of ties between the UK and Swiss financial centers. Since then, companies from both nations have been eagerly exploring the implications for their businesses and the emerging opportunities this agreement may unlock. This has certainly been the case for us at GenTwo. That's why we were honored recently to welcome Sir Stephen Timms, MP and the Prime Minister's Trade Envoy to Switzerland and Liechtenstein, to our offices.
During his visit, Sir Stephen outlined the core elements of the agreement, which currently facilitates UK insurers' access to the Swiss market and vice versa for Swiss asset managers in the UK. He noted that there is potential and interest from both sides to expand the scope of the agreement to include a wider range of financial products and services.
He also discussed the broader context of UK-Swiss relations, emphasizing both countries as global financial centers with a strong commitment to FinTech innovation. According to Sir Stephen, there is a lot of enthusiasm in the UK for this agreement. The UK, he said, would like a similar deal with the EU. While that seems far off at the moment, this agreement could serve as a model.
Sir Stephen Timms, center in turquoise tie, during his visit to GenTwo.
The discussion also touched on possible areas for similar agreements in future, such as green and digital finance, where mutual recognition of standards could streamline transactions and spur innovation.
As Sir Stephen explained, the agreement has already been formally signed, and the focus now turns to finalizing the details of the Memoranda of Understanding. These are expected to be completed and the agreement set to come into force at the start of next year.
While this was Sir Stephen’s first visit to our Swiss offices, it was not his first encounter with GenTwo. Our Lucas Ereth was able to meet with Sir Stephen previously at the Houses of Parliament.