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OJK Issues New Regulation to Bolster Consumer Protection in Indonesia

Antara - 18 May 2022 14:27 WIB
OJK Issues New Regulation to Bolster Consumer Protection in Indonesia
The regulation urges the sector's players to make consumer protection effort. (Photo: medcom.id)
Jakarta: The Financial Services Authority (OJK) strengthens consumer and community protection efforts in the financial services sector by issuing the Financial Services Authority Regulation (POJK) Number 6/POJK.07/2022.

"It strengthens the regulation on consumer protection and the obligations of financial services business actors to adjust to the dynamic and rapid changes in the sector," member of the Board of Commissioners for Consumer Education and Protection at OJK Tirta Segara noted in a statement here on Wednesday.
The regulation urges the sector's players to make consumer protection efforts, starting from the stage of product planning to service implementation and dispute settlement.

It also mandates business actors to bolster implementation of the principles of information openness and transparency.

"We expect that the POJK can support the development of a sustainable and stable financial services sector that is able to protect the interests of consumers and the public,” the official remarked.

In addition, the regulation obligates the providers of financial services to disseminate adequate financial education to increase the ability of consumers in choosing the preferred financial products and services as well as to improve the application of the principles of openness and transparency.

Furthermore, it directs service providers to bolster support for consumers or people with disabilities and the elderly; increase the protection of consumer data and information; as well as provide sufficient time for consumers to understand the agreement before signing it.

The regulation also encompasses the obligations of service providers to have voice or video recording of product or service offerings conducted through personal communication equipment, to establish a unit for consumer and community protection, as well as to submit a self-assessment report to the OJK regarding the fulfillment of consumer protection provisions.

The POJK also emphasizes the authority of the agency in protecting consumers and supervising the financial market conduct in accordance with the articles 28 to 30 of the OJK Law.

(WAH)

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