OJK Receives 315 Thousand Submissions For Dispute Settlement Services Throughout 2022

Capture the screenshot of the Chief Executive of the Behavior Supervisory of Financial, Educational, and Consumer Business Actors (OJK) Friderica Widyasari. (Theresia Agatha/VOI)

JAKARTA - Chief Executive of the Behavior Supervision of Financial, Educational, and Consumer Business Actors (OJK) Friderica Widyasari Dewi said that her party had received 315 thousand proposals for dispute resolution services throughout 2022.

"I can convey that OJK has received 315,783 services, including 14,000 complaints and the rest are complaints of indications of violations, as well as 3,018 disputes that have been submitted to the SJK LAPS or the Financial Services Sector Dispute Resolution Alternative Institute," Friederica said at the Non Bank Financial Industry Policy Development and Supervision Press Conference (IKNB) monitored online, on Thursday, February 2.

From these complaints, 7,419 were complaints from the banking sector, 7,200 were complaints from the IKNB sector, and the rest were capital market sector services.

"In the insurance industry, OJK has encouraged insurance companies to be able to optimize internal function dispute resolution, so that consumer complaints or complaints can be handled and resolved properly, in order to prevent potential reputation risks to companies and the insurance industry sector nationally," said Friderica.

In addition, said Friderica, his party has also monitored 21,373 advertisements for the financial services sector and found 460 advertisements violating applicable regulations.

"In this regard, the OJK has issued a letter of guidance and an order to stop the inclusion of advertising materials to PUJK-PUJK (financial service business actors) whose advertising materials are not in accordance with the provisions," he said.

Furthermore, Friderica said, her party will also continue to strengthen market conduct supervision, in accordance with the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector.

"OJK is also committed to continuing to carry out massive financial education programs. Throughout 2022, OJK has carried out 1,897 financial education which reaches 9.1 million participants," he concluded.