WHAT IS A LETTER OF AUTHORITY (LOA)?
Letter of Authority (LOA)
A Letter of Authority (LOA) is a legally binding document that allows a third party broker or consultancy, permission to act on the behalf of a business. The most popular formations being a Self-employed owned business, a company formed and registered at Companies House: a Private Limited Company, a Public Limited Company, a Limited Liability Partnership, and a Limited Liability Partnership. Other notable forms are: a Mutual Public Registered Society or a Charity Commission Registered business.
Disclaimer: An authorized person who acts on the behalf of a company MUST be careful with agreeing to a verbal or signing a written Letter of Authority. As this is a legally binding and enforceable document, there can be financial ramifications even if you are not fully aware of what you have agreed to.
WHY SHOULD YOU BE CAREFUL SIGNING A LETTER OF AUTHORITY (LOA)?
A Letter of Authority can be a legal minefield, depending on the clauses and permissions contained within the document. A professional broker or consultancy; will always undertake due diligence, request consent from an authorized person, and have safeguards in place (SEE: VULNERABLE PERSON POLICY). An unscrupulous third party will request that you sign a Letter of Authority without a copy of their Terms and Conditions (SEE: OUR TERMS AND CONDITIONS), will demand exclusivity, place you under due duress, or may manipulate you to sign contracts on your behalf. We would recommend not signing the document or providing your verbal authority, and ask the company to remove your details from their system.
WHAT DOES A LETTER OF AUTHORITY (LOA) ALLOW A COMPANY TO DO?
A Letter of Authority, as previously mentioned; is a legally binding document, and due to the provisions of the Data Protection Act, a supplier will only act if it has received the authority to disclose information and data about a business account. In all instances, the document should only ever be signed in wet ink or via a digital signature.
Consumption Data (business term);
Contract End Date;
And other important information ...
Disclaimer: If you have dealt with an unscrupulous broker or consultancy; you may be unaware that depending on the clauses of the written or the verbal consent you have agreed to; they are legall;y able to enter you into any energy (or other) agreements that they wish. This can include a high unit rate (i.e. between 18p to 36p per kilowatt (kWh), a high standing charge (i.e. higher than £0.50 per day), and a long-term deal (between three to five years).
WHAT MAKES YOUR LETTER OF AUTHORITY (LOA) DIFFERENT?
The Nü Savings Group is different from a broker, we are a management consultancy company. We guarantee:
Enhanced Due Diligence on every business we work with - to meet business needs and financial budgets;
Full Transparency - of our fees and payment methods;
Professional Standards (tied to Financial Conduct Authority);
Professional Letter of Authority - agreed by suppliers and third party organizations;
WHAT HAPPENS NEXT?
We need the following paperwork from your business:
Two Recent Bills (hardcopy or digital) - within the last 6 months (if based on actual readings or Smart Meter Readings);
Site List - if you have more than two sites in the United Kingdom;
A signed Letter of Authority to collate information, to present our findings and new tariffs;
Signed Contract(s) with the authorized signature of the decision-maker or their representative once our quotation has been agreed by return of email.
If you need further assistance, we are more than happy to help you:
Please email us at firstname.lastname@example.org;
Provide a voicemail on 07383 990742, with a clear message confirming your name, business, and a reachable telephone number in which to reach you;
Write to Us: 76 Hepscott Terrace, South Shields, Tyne & Wear, NE33 4TJ
WHAT MAKES IF YOU HAVE ANY OTHER QUESTIONS, GET IN TOUCH