FCA: 'Too early' to conclude anything from Panama Paper links

It's too early to draw conclusions on any links between banks in the UK and the "Panama Papers" leak, the Financial Conduct Authority (FCA) said.

The watchdog has written to around 20 financial institutions asking if they've dealt with Mossack Fonseca, the firm at the heart of the leak.

FCA acting chief executive Tracey McDermott told the Treasury Select Committee: "It is far too early to give any view as to preliminary findings," and said a significant amount of the business would be expected to be "perfectly legal".