Indef Criticizes OJK's Charges To The Financial Industry That Is Assessed As Affecting Firmness Of Supervision

Illustration (Photo: Doc. Antara)

JAKARTA - Senior researcher from the Institute For Development of Economics and Finance (Indef) Didin S. Damanhuri tries to highlight one of the authorities of the Financial Services Authority (OJK) which can make contributions to financial industry business actors.

According to him, this is considered to have a separate impact on the performance of the authorities in carrying out their functions in supervising and protecting the financial sector.

"The OJK that carries out these levies on entrepreneurs creates bias in carrying out their duties," he said in a virtual discussion entitled Finding the Best Candidates for the 2022-2027 OJK Board of Commissioners held by Hipmi on Tuesday, March 15.

Didin added, in order to continue to uphold the professionalism of the authorities, he pushed for regulatory reform, which essentially means that the OJK's withdrawal of contributions is abolished or transferred to other institutions. He said, this strategy is useful to avoid conflicts of interest that are prone to arise in caring for the financial industry sector.

"It is better if the OJK no longer has financial support from business actors," he said.

On the same occasion, Member of Commission XI DPR RI Fatan Subchi revealed that OJK is the commission's partner in caring for the financial industry sector. He and his colleagues in parliament admitted that they paid special attention to the performance of the management of the authorities this time.

"Indeed, during the last OJK service period, we provided many notes, there were also thorough evaluations of its management," he said.

Fatan then gave examples of several cases that surfaced, such as Jiwasraya, AJB Bumiputera, Asabri, and several other investments.

"However, we have seen good faith in the way these cases are resolved," he said.

Another thing that was highlighted by Fatan was the attitude of the authorities in determining decisions, especially those taken by the Chairman of the Board of Commissioners as the highest leader of OJK.

“Some of the keys to the evaluation are leadership that must be improved, cohesiveness, because we see that OJK cannot be the sole regulator, always throwing (if there is a problem) on other regulators. So in the future, for OJK 2022-2027, we must have a chairman who has strong leadership abilities so that the industry is also confident that the roadmap for the financial services sector is on the right track," he explained.

From the information compiled by the editors, OJK levies on the financial industry in 2019 amounted to Rp5.99 trillion. This figure was dominated by banks of Rp. 4.02 trillion.

This was followed by the capital market at Rp894.38 billion, the non-bank financial industry or IKNB at Rp775.46 billion, and strategic management at Rp299.55 billion. Meanwhile, in 2020 the value of contributions withdrawn from business actors is IDR 6.2 trillion.