LONDON — The U.K. and Switzerland have signed a financial services deal described as the “first of its kind” by British Chancellor Jeremy Hunt.

The mutual recognition agreement will allow British firms from some financial services sectors — including banking and asset management — to operate in Switzerland while still following the U.K.’s regulatory rulebook. The same will be true of Swiss firms operating in Britain.

Hunt said it was based on the the “deference principle” and would not require U.K.-Swiss regulatory alignment for financial services.

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