A learning curve

01 February 2010 FAnews

FAnews spoke to Sandra Dunn, the newly appointed CEO of INSETA, about the challenges and opportunities ahead.

With 20 years of experience in the financial services sector and the banking sector, including sixteen years in various Human Resource Development roles, Dunn is perfectly matched to the responsibility of taking INSETA into the new decade. Her experience at BANKSETA (Banking Sector Education and Training Authority) stretches back to 2000 as a member of the founding management team of the organisation.

“I believe I bring to INSETA a sound understanding of SETA environment and the framework in which SETAs have to operate. I am passionate about people development and would like to enable the growth of skills not only in the sector but also at the INSETA. Building and maintaining relationships is one of my strengths and this ability is critical for truly understanding the requirements of the insurance sector, which will enable us at the INSETA to providing learning and development solutions that have the desired result,” says Dunn.

She also has a clear vision of the path ahead. “INSETA priorities are to deliver on our core mandate, enable transformation in the insurance sector and become the insurance sector’s training, development and research partners. Mindful that delivery is dependent on the full INSETA team, we are committed to creating an environment that enables delivery and an organisation that develops its talent for optimal delivery.”

FAIS focus

Dunn notes that FAIS continues to be a focus area for the INSETA. “Between 2004 and 2009, INSETA conducted a number of National Assessments to assist many thousands of financial advisors in achieving the academic credits required for licensing with the Financial Services Board (FSB).

“Prior to the FSB deadline of 31 December 2009 passing, the INSETA Council decided that the INSETA FAIS project should continue. The focus of the project will shift to the second phase, which is enabling the sector to be FAIS compliant by developing learning material for the Regulatory Exams (RE) specified in the revised Fit and Proper Determination. All INSETA's stakeholders will have free access to the learning material.”

INSETA is in the process of appointing an expert service provider to develop the learning material. “The initial focus will be on RE1, which deals with the legislative framework, since all financial advisors are required to complete it before December 2011. The provider will also start developing material for each category of insurance for the RE2, which tests product-specific knowledge, and will have to be completed before December 2013 by advisors who do not have a ‘specific’ qualification as defined by the FSB. Dunn adds that, in addition to the ongoing focus on FAIS, understanding and supporting the sector with regards to Financial Condition Reporting will also be INSETA’s focus in 2010.


INSETA will further also be focusing on the needs of the small and micro enterprise sector and training and development solutions that are responsive to their needs, partnering with the sector to grow the pool and level of scarce and critical skills.

“In line with this focus, INSETA is dedicated to partner with companies, brokers and advisors in respect of learnerships,” says Dunn. “The take up of learnerships by big organisations has been significant over the past two years. However, INSETA is also willing and able to work with brokers to identify their training and development needs and to partner with them in the development of the learning solutions that address their needs.”

Quick Polls


The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?


Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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