Are the Panama Papers protected by legal professional privilege?

Reporting in the press of the leaked (or hacked) data from Mossack Fonseca led the UK Financial Conduct Authority to write, initially, to around twenty banks and other financial institutions, requiring them to inform the FCA of any links to the Panamanian law firm. And it was a tight deadline. “Beyond 15th April, we will require updates on any significant issues or relationships identified and a full response… when your investigation is concluded” the letter read. Difficult issues of Legal Professional Privilege (LPP) likely arose, says Adam King.