Demands for investigation into credit card fees

The financial regulator has been urged to investigate credit card fees.

The calls come just days after a two-year probe in Britain found that credit card companies were overcharging customers by more than €430m annually.

Fine Gael MEP Gay Mitchell has said he has no doubt that a similar situation exists here, despite a denial from the Irish Bankers Federation.

Mr Mitchell has criticised banks for failing to disclose the profits they make from credit cards in their annual reports.

He said that he feels sure the financial regulator will discover some issues of concern if the office undertakes the investigation.