OJK Stops Operational Activities 1,466 Illegal Loans

ILLUSTRATION BETWEEN

JAKARTA - The Financial Services Authority (OJK) and the Illegal Financial Activity Eradication Task Force have stopped operating activities of 1,466 illegal online loan entities (pinjol) from January 1 to October 27, 2023.

Chief Executive of the Behavior Supervisory of Financial Services Business Actors, Education and Consumer Protection OJK Friderica Widyasari Dewi said that apart from eradicating the illegal loan entity, in the same period OJK and the task force also closed 18 illegal investment entities.

"OJK together with all members of the Illegal Financial Activity Eradication Task Force from 12 ministries/agencies increase coordination in handling illegal online investments and loans," Friderica said as quoted by ANTARA, Monday, October 30.

In October 2023, the task force blocked 53 phone numbers, 309 Whatsapp accounts, and 47 bank accounts.

From early January to 20 October 2023, OJK has received 247,546 service requests, including 18,010 complaints, 88 complaints with indications of violations, and 1,824 disputes that are included in the Financial Services Sector Dispute Settlement Alternative Institution (LAPS SJK).

From these complaints, as many as 8,456 are complaints from the banking sector, 4,390 are complaints from the financial technology industry, 3,487 are industrial complaints from finance companies, 1,347 are complaints from the insurance industry and the rest are services from the capital market sector and other non-bank financial industries (IKNB).

Regarding the incoming complaints through the Consumer Protection Portal Application (APPK), the OJK continues to encourage the settlement of complaints, both those with indications of disputes and OJK will process complaints with indications of violations.

Friderica said there were 15,677 complaints or 87.05 percent that were resolved through the Internal Dispute Resolution process by financial service business actors (PUJK), and as many as 2,333 complaints (12.95 percent) were in the process of being resolved.

In the implementation of the investigation function until October 27, 2023, OJK investigators have completed a total of 115 cases consisting of 90 banking cases, five capital market cases and 20 IKNB cases.