This work presents a novel switched Model Predictive Control (MPC) formulation for power converters. During transients, the proposed method uses horizon-one non-linear Finite Control Set MPC to drive the system towards the desired reference. When the converter state is close to the reference, the controller switches to linear operation, using an approximate converter model and a PWM modulator. As an illustrative example, the proposed switched MPC is applied to a Flying Capacitor Converter. As evidenced by experimental results, the proposed control strategy provides quick disturbance compensation, whilst at the same time, giving excellent steady-state performance.