Draft Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025

Mark Garnier Excerpts

Monday 27th October 2025 General Committees

[Mark Garnier (Wyre Forest) (Con)]

I will not keep the Committee for too long. I thank the Minister for her kind words about the work of the previous Government in this area. As she rightly said, the regulations originate from the Berne financial services agreement, signed back in 2023, so it is something we have worked on. As somebody who worked in financial services for 27 years before coming to Parliament—I worked for two Swiss banks, had clients in Switzerland and did this kind of cross-border business—I can attest that this is a fantastic opportunity for our financial services sector. Anything that formalises the arrangement and makes transactions less sticky and easier to do can only be a good thing, so we will certainly be supporting the proposal 100% this evening. I thank the Minister for her excellent speech and her kind words about the work of the previous Government—I think she forgot to add “Strong and stable for 14 years”, but still.

Question put and agreed to.