This is an applicator rod for pushing the plastic block into the base of the point before gluing.  We just didn't like the name "Special applicator rod for inserting the foil contact base into the foil point barrel such that all contacts are aligned properly", so we went with the common term "point setter".

While in England the term for the cant of a blade is the "set" we know of absolutely no reason why any fencer in their right mind would want to try to cant the tip side of a weapon.  If you attempt to perform a British "set" of the point with this point setter, you will end up with a broken point setter, barrel with plastic in it, and a rather attractive shade of red on your face!