The P2SK Law Protects Financial Consumers With Integrated Supervision

Illustration of Rupiah (Photo: Doc. Antara)

JAKARTA - The Law on the Development and Strengthening of the Financial Sector (UU P2SK) has a focus on protecting the state against consumers of financial products. This is because in general, Indonesia needs to increase supervision which is more integrated with financial products with good arrangements.

"Integrated supervision should not be just a statement. Not only into one part, not only into one division, but into behavior," said Deputy Minister of Finance (Wamenkeu) Suahasil Nazara quoting Antara, Monday, February 20.

The supervision in question, he said, was not only through the Financial Services Authority (OJK), but also through the money market, payment system, monetary system, and the Ministry of Finance (Kemenkeu).

Thus, steps to protect and supervise financial products include opening a policy guarantee program that has long been awaited from the mandate of the Insurance Law Number 40 of 2014, so that the regulation is included in the P2SK Law.

Suahasil said policy guarantees are different from bank deposit guarantees because the nature of deposits in banks is different from the purchase of insurance policies.

Therefore, the arrangement of policy guarantees is carried out through the P2SK Law with the main aim of protecting the community.

"We have the policy protection, there is a time. In a few years we want all policy guarantee participants to be included in the policy guarantee in a healthy condition," he said,

He emphasized that these various steps are the government's commitment to protecting the country against consumers of financial products.