Authorisation For Release Of Financial Information Template for England and Wales

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Key Requirements PROMPT example:

Authorisation For Release Of Financial Information

"I need an Authorization for Release of Financial Information to allow my accountant to access my business banking records from January 2025 to December 2025, specifically for tax preparation purposes."

Document background
The Authorization for Release of Financial Information is commonly used when third parties require access to an individual's or entity's financial records for legitimate business purposes. This document is essential in various scenarios, such as mortgage applications, business transactions, or regulatory compliance. Under English and Welsh law, it provides a formal mechanism for authorizing the release of confidential financial information while ensuring compliance with data protection requirements. The authorization typically specifies the scope of information to be released, the duration of the authorization, and any conditions or limitations on its use.
Suggested Sections

1. Authorising Party Details: Full name, address, and identification details of the person authorising release

2. Recipient Details: Details of the institution/person authorized to receive the information

3. Scope of Authorization: Specific financial information to be released and any limitations

4. Duration: Period for which the authorization is valid

5. Data Protection Statement: GDPR compliance statement and data processing details

6. Signature Block: Space for authorising party's signature and date

Optional Sections

1. Third Party Authorization: Additional authorization for third-party access, used when intermediaries are involved

2. Purpose Statement: Specific purpose for information release, used in cases requiring justification

3. Revocation Clause: Terms for revoking the authorization, used in longer-term authorizations

Suggested Schedules

1. List of Accounts: Detailed list of specific accounts covered by the authorization

2. Identification Documents: Copies of ID documents supporting the authorization

3. Specific Information Requirements: Detailed breakdown of required financial information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Industries

Data Protection Act 2018: UK's implementation of GDPR, setting out requirements for lawful processing of personal data, data subject rights, and data protection principles

UK General Data Protection Regulation: Core data protection legislation defining principles of data processing, legal basis requirements, explicit consent needs, and rules for cross-border data transfers

Financial Services and Markets Act 2000: Primary legislation establishing regulatory framework for financial services, including confidentiality obligations and disclosure requirements

Privacy and Electronic Communications Regulations 2003: Regulations governing the sharing of electronic data and communication privacy rights

Common Law Duty of Confidentiality: Established legal principles covering banking confidentiality obligations and professional secrecy requirements

Money Laundering Regulations 2017: Regulations setting out requirements for financial institutions and due diligence obligations in preventing money laundering

Consumer Credit Act 1974: Legislation protecting consumer rights in financial matters and credit arrangements

FCA Regulations: Financial Conduct Authority regulatory requirements governing financial institutions and services

Bank of England Requirements: Central bank guidelines and requirements affecting financial institutions and information sharing

Professional Standards: Industry-specific guidelines, codes of conduct, and professional standards for handling financial information

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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