BANKING specialists have warned that Brexit will pose challenges for companies that provide services for consumers such as credit cards, it has been reported. The Financial Times said a confidential report for the British Bankers Association by Clifford Chance law firm and the Global Counsel advisory firm founded by Lord Mandelson found UK firms would lose the ability to sell services across the European Union without needing regulatory approval in each EU state when the country leaves the union. Credit card providers would no longer be covered by the Interchange Fees Arrangement Regulation which limits the charges that merchants can apply for accepting cards, meaning they may face higher costs than EU providers. It may be harder for UK consumers to make payments in the EU if the UK leaves the Single Euro Payments area. Private banks may not be able to offer services in some EU countries.