Document background
The Financial Consent Letter is a critical document used in Hong Kong's financial services industry to establish clear authorization parameters between financial institutions and their clients. It is typically required when a financial institution needs explicit permission to perform specific actions, share information, or grant access to account details. The document must comply with Hong Kong's regulatory requirements, including the Personal Data (Privacy) Ordinance, Banking Ordinance, and other relevant financial regulations. Financial Consent Letters are particularly important in scenarios involving new account relationships, third-party authorizations, or changes in service arrangements. They serve as both a regulatory compliance tool and a risk management document, protecting both the institution and the client by clearly defining the scope and limitations of the authorized activities.
