Quick reads for this week

FSCA and IFC join forces to advance climate reporting in South Africa

The Financial Sector Conduct Authority (FSCA) and the International Finance Corporation (IFC), part of the World Bank Group, have entered into a strategic partnership to bolster sustainability and climate-related reporting in South Africa. The Cooperation Agreement aims to support the adoption of the International Sustainability Standards Board (ISSB) framework, tailoring it to the country’s financial context.

“This partnership reflects our shared vision for a sustainable financial sector that supports inclusive economic development and long-term stability,” says FSCA deputy commissioner Astrid Ludin.

“We are proud to take this important step with IFC and the IFRS Foundation," she says.

Delivered through IFC’s Beyond the Balance Sheet programme, the initiative will develop ISSB-aligned regulatory structures, support capacity building, and provide implementation tools for stakeholders. The partnership also builds on existing collaboration between IFC, the UNDP and the IFRS Foundation.

“This collaboration will help bring global consistency to climate-related financial disclosures while addressing local market priorities,” said Charles Canfield, IFC global manager for corporate governance. The work positions South Africa as a regional leader in transparent and accountable sustainability practices.

South African coin auction set to make history with R6 million in 15 minutes

Bassani’s Auction House is set to host the biggest coin and banknote auction South Africa has ever seen, and it's all set to unfold in just 15 minutes on Sunday, August 2, at 20:30.

“As more than R6 million in rare currency is set to change hands and iconic South African coins come up for auction, this is more than a sale, it’s a celebration of our national heritage. And for communities across the country, it’s a reminder that our history, even what’s tucked away in a family drawer, carries powerful value,” says Dillon Bassani, CEO of Bassani Auction House.

“This event is for everyone, not just seasoned collectors. South Africans are starting to realise that the coin they thought was just old might be rare. Our auctions prove again and again that stories passed down in families about a ‘veld pond’ from Oupa, or a Krugerrand bought in the 80s, can translate into real, life-changing value," he says.

Among the standout items is a 1898 ZAR Pond stamped ‘99’, currently topping R1 million, drawing attention from collectors around the world.

 Tribunal clears merger between Old Mutual Corporate Ventures and Fairheads Group

The Competition Tribunal has announced that it has unconditionally approved the proposed merger in which Old Mutual Corporate Ventures will acquire a stake in Fairheads Benefit Services and Fairheads Financial Services. Following the implementation of the proposed transaction, OMCV and Vunani Capital will jointly control the target firms.

 OMCV is part of a diversified financial services group offering pension, provident, or retirement annuity fund services to individual and corporate clients.

"These products often require administration services, where beneficiaries are minors or where benefits remain unclaimed. OMCV manages beneficiary and unclaimed benefit funds solely from its own retirement products. These services are not available to third parties. It outsources some of this administration to FBS and FFS," the Tribunal says.

 Both FBS and FFS are controlled by Vunani. FBS administers beneficiary and unclaimed benefit funds, and FFS provides tracing services to FBS to locate and contact beneficiaries, it says.

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