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

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

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

Information on application forms must be complete and 100% accurate in order for us to be allowed to collect premiums.

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

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

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

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.

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

Failure to complete the stop order mandate accurately may result in Sanlam Sky losing its license to collect premiums directly from government employees’ salaries.

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

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.