UK watchdog says too early to draw conclusions on Panama Papers

LONDON, April 26 (Reuters) - It (Other OTC: ITGL - news) is too early to draw conclusions on any links between UK banks and the "Panama Papers", Britain's Financial Conduct Authority (FCA) said on Tuesday.

The watchdog has written to some 20 banks and other financial institutions asking if they have had dealings with Mossack Fonseca, the Panama law firm at the heart of a massive leak of offshore financial data.

"It is far too early to give any view as to preliminary findings," FCA acting Chief Executive Tracey McDermott told parliament's Treasury Select Committee.

A significant amount of business in Panama would be expected to be "perfectly legal", she added. (Reporting by Huw Jones; Editing by Mark Potter)