Reduced NTU’s, Improved persistency and Minimized commission clawbacks are the benefits of completing the mandate form correctly.

It is important that you complete your mandates accurately so that you or the branch, do not face this harsh penalty.

A mandate is a written instruction giving Sanlam Sky permission to collect premiums from a client’s bank account (SDO) or directly from the salary (STO) on a specific date chosen by the client.

Wherever you see a * on the form, the field contributes to what makes a mandate valid and so it must be completed accurately.

The ... needs to explain this mandate to the client and ensure that they understand what it means

SARB (South Africa Reserve Bank) and PASA (Payments Association of South Africa) implemented a rule that says every bank must follow the Debit Order Abuse Rules process.

An advisor is allowed to sign the form on behalf of the client.

In the event of a client disputing a deduction, Sanlam Sky will be able to prove that the deduction was valid.

The ... needs to make sure that application form and the mandatory fields are completed in full.

Companies who debit client’s bank account will be monitored by PASA to ensure that they do not exceed a maximum of 50% of disputes.

As Sanlam, we need to ensure that we have written instruction and permission to debit clients’ accounts (known as a mandate).

A completed mandate forms part of our contract with the client and is also a regulatory requirement.

ABSA will be conducting the audits and will fine Sanlam R 1 000 per failed mandated. This amount will be passed down to the branch and possibly the adviser as well.