How skills development can transform the finance field

The financial services sector cannot be transformed without skills development, says Jay Mngoma, executive committee member of the Financial Services Intermediaries Network (FSIN). Formed in March, the FSIN’s primary focus would be on equipping financial advisers and brokers with skills and knowledge, Mngoma said at an event hosted by the body on Friday. The FSIN is likely to replace the Black Brokers Forum and related bodies that have been representing black financial advisers’ interests. "We cannot talk about radical economic transformation without skills and knowledge. At the heart of banks and insurance companies are actuaries and accountants," Mngoma said. To change the ownership and management in financial services, it was necessary to build skills, he said. There was a shortage of skills in the financial advice industry, with an ageing broker force and not enough young entrepreneurs entering the industry, said Gabbi Stais of the Financial Intermediaries Association of Souther...

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