Retail banks and credit card companies in the European Union will face sharp criticism from the region’s top antitrust regulator on Wednesday, following an inquiry that found evidence of artificially high fees, anti-competitive practices and a lack of cross-border competition.

The report detailing the European Commission’s findings, a copy of which has been obtained by the FT, states: “In some member states the combination of high profits, a high level of concentration and the existence of barriers to market entry is worrying, with the banks being able to abuse their market power towards consumers and small businesses.”