OJK Holds Seminar Themed Consumer Empowerment and Improving Capacity of Financial Services Institutions in Consumer Protection in Financial Services Sector

Mar 10 2015


Financial Services Authority, Jakarta, March 10, 2015: Financial Services Authority (OJK) held a national seminar themed Consumer Empowerment and Improving Capacity of Financial Services Institutions in Consumer Protection in Financial Services Sector in Jakarta on Tuesday (March 10, 2015). Member of OJK Board of Commissioner for Education and Consumer Protection Kusumaningtuti S. Soetiono explained at the event the significance of consumer protection as mandated to OJK by law.

According to her, the function of consumer protection originated from a condition where protection for consumers in financial services sector was not optimal amidst globalization of financial system and rapid growth in information technology and financial innovations, resulting financial system that is complex, dynamic and interconnected both in terms of products and institutions.

Considering that condition, OJK in implementing its consumer protection function is not only focusing on protection and consumer empowerment aspects. It is also important to improve capacity of professionals in financial services in the subject of consumer protection. Consumer protection in financial services sector aims at creating reliable consumer protection system, increasing consumer empowerment, and developing awareness about financial services institutions. Thereby, society`s trust in financial services sector can be increased, she said.

Consumer protection is a system or a series of policies and programs comprising education, service for information and reports, facilitation for dispute resolution for consumers in financial services sector and members of society who use financial services. With a good implementation of consumer protection system, all possible problems can be handled well.

Therefore, in order to synchronize level playing field of consumer protection in financial services sector, the first measure taken by OJK was preparing consumer protection framework.  The framework is now acknowledged as OJK Regulation No. 1/POJK/2013 on consumer protection in financial services sector. This regulation is highly important that it became the first OJK Regulation to be issued since OJK started its operation.

Apart from providing consumer protection framework in financial services sector through OJK Regulation No. 1/2013, OJK also puts efforts into providing facilities and supporting infrastructure so that the effort to improve consumer protection can be carried out well. This is a part of OJK`s commitments in supporting financial services sector growth.

In term of service for consumers, OJK has a consumer service division that is easily accessible using phone number 1-500-655. This service is like a quantum leap in financial services sector in Indonesia.

I hope that the national seminar we hold today can broaden our horizon about all aspects in consumer protection, which will be discussed with some resource persons. In this delightful occasion, I would also express my gratitude for all the attending resource persons who will share their knowledge and experience associated with consumer protection in financial services sector, Kusumaningtuti added.

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