Borrower Authorisation Form

Borrower Authorisation Form for the United Kingdom

Borrower Authorisation Form Template for England and Wales

A Borrower Authorisation Form is a legal document used in England and Wales that establishes the formal consent of a borrower for specific actions related to a loan application or agreement. The document complies with UK financial regulations, including FCA requirements and data protection laws, and typically includes authorizations for credit checks, data processing, and communication with third parties. It serves as a crucial compliance document that protects both the lender and borrower by clearly outlining the scope of authorizations granted.

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What is a Borrower Authorisation Form?

The Borrower Authorisation Form is a critical document in the lending process under English and Welsh law, typically used before or during loan origination. It serves multiple purposes, including ensuring compliance with financial regulations, data protection laws, and anti-money laundering requirements. The form captures the borrower's explicit consent for various activities such as credit checks, data processing, and third-party communications. It is particularly important in the current regulatory environment where lenders must demonstrate clear authorization for handling personal data and conducting financial assessments.

What sections should be included in a Borrower Authorisation Form?

1. Borrower Information: Full legal name, address, contact details and other identifying information of the borrower

2. Loan Details: Specific details about the loan including amount, purpose, term, and interest rate

3. Authorization Statement: Clear and explicit statement of what the borrower is authorizing, including specific permissions and scope

4. Data Protection Consent: Explicit consent for processing personal data in accordance with UK GDPR and Data Protection Act 2018

5. Declaration: Borrower's declaration regarding the truth and accuracy of information provided

What sections are optional to include in a Borrower Authorisation Form?

1. Third Party Authorization: Optional section for when the borrower needs to authorize communication with other parties involved in loan administration

2. Credit Check Authorization: Optional section for obtaining explicit permission to conduct credit checks when required

3. Direct Debit Authorization: Optional section for setting up automatic payment arrangements when offered

What schedules should be included in a Borrower Authorisation Form?

1. Privacy Notice: Detailed information about how personal data will be collected, processed, stored and shared

2. Terms and Conditions: Standard terms and conditions referenced in the authorization form

3. Supporting Documents Checklist: Comprehensive list of required documentation to support the loan application

Authors

Alex Denne

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

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What is a Borrower Authorisation Form?

What sections should be included in a Borrower Authorisation Form?

What sections are optional to include in a Borrower Authorisation Form?

What schedules should be included in a Borrower Authorisation Form?

Authors

Alex Denne

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