The European Banking Industry Committee (EBIC) has approved a set of common principles which shall be applied in the EU from 1st November 2009 and will make switching accounts from one bank to another in the same Member State easier. It is believed that this will help boost competition on the European retail banking market. Under these common principles, if they still wish to change bank, the new bank will act as the primary contact point and offer its assistance throughout the switching process. It will deal with the old bank, ensuring that the transfer of the consumers' recurrent payments, such as direct debits and standing orders, is done smoothly. The new bank will also either help the consumer to inform the relevant third parties, such as utility providers, about the new bank account details or do that itself. EBIC will undertake a review process one year after the entry into force of the principles at national level and regularly inform the Commission and consumer associations about their operations. The common principles will be implemented by national banking associations by 1st November 2009.