CoFTRA Receives 177 Customer Complaints Throughout 2023, 95 Cases Have Not Been Completed

Illustration of CoFTRA. (Antanews)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) admits that it will process public complaints, such as reports of losses from investments being carried out.

Acting Head of CoFTRA Kasan said the settlement of complaints from the public was in accordance with procedures in laws and regulations in the field of commodity futures trading (PBK).

"CoFTRA handles complaints and resolves complaints in stages. This means that CoFTRA has never been silent in protecting customers. The administrative sanctions imposed by CoFTRA are the result of the final process of examining the CoFTRA team in handling complaints for administrative violations of provisions," he said in a written statement, Sunday, January 14, quoted by Antara.

Kasan explained that the entire process of examination, case title, and imposition of sanctions had been carried out in accordance with the provisions of Article 61 of Law Number 32 of 1997 as amended into Law Number 10 of 2011 concerning Commodity Futures Trading (PBK).

Next, he continued, it was further regulated through Article 3 of the CoFTRA Regulation Number 4 of 2020 concerning Guidelines for Completion of Customer Disputes in the PBK Sector.

Kasan said that regarding the request for refund or compensation to CoFTRA, a settlement route was provided through a district court or arbitration process at the Indonesian Commodity Futures Trading Arbitration Agency (BAKTI) in accordance with the laws and regulations in the PBK sector.

This, he said, was in accordance with the choice of resolving the legal dispute contained in the document of the payment of customer mandate.

During 2023, Kasan explained that CoFTRA received 177 customer complaints against futures broker companies. Of these complaints, 82 customer complaints have been handled by CoFTRA, while 95 complaints are still in the process of being resolved.

To reduce the number of complaints, he continued, the most important thing that CoFTRA did was strengthening regulations and literacy and optimizing the implementation of the formation of the PBK Professional Certification Institute (LSP-PBK).

LSP PBK was established based on the Decree of the National Professional Certification Agency (BNSP) No. Kep.2048/BNSP/IX/2023 dated September 22, 2023 regarding LSP-PBK Licenses.