OJK Reveals 4 Pillars Of Topang Consumer Protection

The Financial Services Authority (OJK) has officially launched the Roadmap (Road Map) for Financial Services Business Behavior Supervision, Education and Protection of Consemens in 2023 2027 on Tuesday 12 December.

The Chief Executive of the Behavior Supervisory of Financial Services Business Actors, Education and Protection of OJK Consumers, Friderica Widyasari Dewi, emphasized that the Roadmap has set targets from various segments of society as a priority for financial literacy and inclusion programs.

Friderica said there are four pillars in this aspect of consumer protection, the first pillar of literacy and inclusion, the second pillar of monitoring the market conduct, the third pillar of consumer and community protection and the last pillar of eradicating illegal financial activities.

"The four pillars are included in the PEPK Supervision Roadmap program 2023-2027 and the action plan will be carried out from 2023 to 2027," he explained in his official statement, Wednesday, December 13.

Friderica conveyed the first pillar, namely increasing public financial literacy, through the implementation of massive financial education and thematic financial education, developing financial education infrastructure and implementing national financial literacy campaigns.

Meanwhile, an even increase in financial inclusion through strengthening and optimizing the Regional Financial Access Acceleration Team (TPAKD), development and implementation of the Inclusive Financial Ecosystem (EKI), expansion of access to Micro, Small and Medium Enterprises (MSMEs) finance, implementation of the One Account One Student Program (KEJAR) acceleration and implementation of the national campaign for financial inclusion.

"Increasing Islamic financial literacy and inclusion, through the acceleration and collaboration of the Sharia Financial Literacy Program, development and expansion of access to Islamic finance as well as strengthening Islamic financial literacy and inclusion infrastructure," he explained.

Furthermore, the second pillar is to supervise the behavior of financial service business actors or market contacts by carrying out supervision of PUJK's behavior according to the product life cycle, through the implementation of proactive, reactive and thematic supervision of PUJK Behavior.

Then the implementation of law enforcement of PUJK compliance, through the implementation of coaching actions (supervisory action), giving instructions or written orders and/or imposing administrative sanctions and implementing follow-up violations of criminal provisions.

Furthermore, strengthening the behavior of PUJK, through the supervision dissemination program for Financial Services Business Behavior to PUJK, implementation of PUJK consumer protection risk management and strengthening infrastructure for the implementation of the PUJK consumer protection function.

According to Friderica, the 3rd pillar is the protection of consumers and the public through strengthening the handling of consumer and public complaints, through improving the quality of the OJK Consumer Service process, increasing PUJK compliance in handling consumer complaints and increasing the completion of complaints with indications of violations.

Furthermore, the increase in dispute resolution through the Alternative Financial Services Sector Dispute Settlement Institution (LAPS SJK), through institutional strengthening and the mechanism for resolving SJK LAPS disputes, strengthening the understanding of PUJK and the community in order to increase the utilization of SJK LAPS and strengthening civil lawsuits by the OJK, through the implementation of civil lawsuits in the context of consumer protection.

While the 4th pillar is eradicating illegal financial activities by strengthening institutions, through strengthening the membership of the Task Force, the secretariat of the Task Force, and the regional task force as well as strengthening work and coordination mechanisms.

Then, strengthening prevention activities, through strengthening education and socialization for the community; monitoring and data collection of illegal financial activities as well as monitoring of Electronic System Operators (PSE).

Furthermore, increasing the effectiveness of the examination and handling of cases, through strengthening the coordination of case handling, increasing prosecution and arrest of perpetrators as well as monitoring follow-up on recommendations.

Friderica invites all parties to synergize and collaborate to realize the target in the Roadmap for Supervision of Behavior for Financial Services, Education and Consumer Protection Business Actors to support the achievement of a more prosperous Indonesia.