Consumer Education and Protection (EPK) body is founded in a bid to protect the interests of consumers and public against violation and crime in financial sector, such as manipulation and various kinds of embezzlement in financial service activities, as mandated by Article 4 of Law No. 21/2011 about the Finance Services Authority (OJK).
The Consumer Education and Protection body is responsible to improve public awareness on financial service institutions, including all products and services that they offer in financial industry, thereby public’s level of knowledge related to finance will be improved, hence will in turn escalate level of utility and level of trust among consumers and public over financial products and services in Indonesia.
According to Article 28 of Law No. 21/2011 about OJK, the agency has the authority to take preventive measures in order to protect consumers and public, which encompass:
- Consumer complaint service,
- Legal advocacy.
The OJK’s EPK body organizes education and socialization programs as part of its role to educate and protect consumers. The programs are held in a range of cities and participated by various level of society, such as housewives, small scale entrepreneurs, traders, scholars (college students and lecturers).
Topics in socialization activities are comprised of:
- Financial products,
- Financial management,
- Financial services,
- Legal investments.
The purpose of education and socialization programs are, for examples:
- To study the benefits and risks of investment,
- To reveal modes of operation in fraud under bogus investment,
- To elaborate general types of allegedly illegal financial products that are often offered to public,
- To study general characteristics of allegedly illegal financial products,
- To expose various methods of allegedly illegal financial products trading.