OJK Affirms To Strengthen Financial Services Consumer Protection Efforts

Financial Services Authority (OJK) (ANTARA)

JAKARTA - The Financial Services Authority strengthens efforts to protect consumers and the public in the financial services sector through the issuance of Financial Services Authority Regulation (POJK) Number 22 of 2023 concerning Consumer Protection and the Community in the Financial Services Sector.

"OJK appreciates various inputs in the preparation of this POJK to stakeholders related to the association of the financial services industry to Financial Services Business Actors (PUJK)," said OJK Consumer Protection and Behavior Supervision Chief Executive Friderica Widyasari Dewi in a statement Sunday, January 14.

He said the issuance of POJK Number 22 of 2023 was a follow-up to the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) and replacing POJK Number 6/POJK.07/2022 concerning Consumer Protection and the Community in the Financial Services Sector and perfecting several other POJKs.

On the other hand, strengthening consumer protection arrangements in POJK is considering the expansion of financial services business actors, digitizing products and or services in the financial services sector, as well as the development of a more complex and dynamic financial services industry.

POJK Number 22 of 2023 also strengthens the authority of the Financial Services Authority in supervising the Behavior of PUJK (Market Conduct) in designing, providing information, conveying information, marketing, making agreements, and providing services for products and/or services as well as handling Complaints and resolving Disputes.

Meanwhile, PUJK's Behavior Supervision (Market Conduct) is expected to maintain and increase consumer confidence in PUJK in every business activity and activity in the financial services sector and continue to provide opportunities and opportunities for the development of PUJK in a fair, efficient and transparent manner.

Friderica revealed, since the enactment of the P2SK Law, PUJK has been increasingly encouraged to become a healthy business entity in a business manner, and to implement good behavior of the perpetrators (market contacts) in carrying out their business activities.

"I am sure, these two things cannot be separated. By applying the market conduct principle, it will further encourage healthy business growth because of the stronger consumer confidence," he said.

Substantially, strengthening consumer and community protection covered by POJK includes adjusting the scope of PUJK and the principles of consumer protection.

Including the prohibition of accepting as consumers and/or collaborating with parties conducting business activities in the financial sector who do not have a permit from the Financial Services Authority or the competent authority.

In addition, it also contains the rights and obligations of prospective consumers, consumers and PUJK as well as a ban on PUJK, the inclusion of fees and commissions/refunds to marketing/intermediary agents in the agreement, the mechanism for billing and taking over/ariding collateral by PUJK for products and/or credit and financing services.

According to Friderica, the issuance of POJK for Consumer Protection and Community in the Financial Services Sector is an OJK's quick response as a regulator on the mandate of the P2SK Law to strengthen consumer and public protection.