This work presents a novel switched model predictive control (MPC) formulation for power converters. During transients, the proposed method uses horizon-one nonlinear finite control set (FCS) MPC to drive the system toward 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 pulse-width modulation 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, while giving excellent steady-state performance.