Press Release: Banking: Commission welcomes new industry rules on account switching

The European Commission welcomed the European Banking Industry Committee's (EBIC) adoption of a set of 'Common Principles for Bank Account Switching', which will make it easier for consumers to switch their current account from one bank to another within their own Member State. In the Commission's view, this represented a tangible benefit for consumers and should help to boost competition on the European retail banking market. The new rules have been developed in response to an invitation from the Commission announced in the 'Single Market for 21st Century Europe' package.