PRESS RELEASE - New Consumer Protection Regulation
Jakarta, 18th May 2022. The Indonesia Financial Services Authority (OJK) continues to strengthen consumer protection efforts in the financial services sector through promulgation of OJK Regulation (POJK) Number 6/POJK.07/2022 concerning Consumer and Public Protection in the Financial Services Sector.
Among others, this amendment to POJK Number 1/POJK.07/2013 regulates the implementation of consumer protection by the financial services industry, from product planning and services to dispute resolution. In addition, the POJK clarifies disclosure and transparency obligations regarding services and product information and enhances consumer data and information protection.
“This POJK strengthens consumer protection regulations and the obligations of Financial Services Providers in response to dynamic changes in the financial services sector,” noted Commissioner in Charge of Consumer Protection and Education, Tirta Segara.
Strengthening consumer and public protection in the financial services sector is necessary to adjust to rapid and dynamic innovation and technology in the sector as well as efforts to improve consumer protection by Financial Services Providers.
“We expect OJK Regulation (POJK) Number 6/POJK.07/2022 to answer that need and ensure a stable financial services sector can grow sustainably, while protecting the interests of consumers and the public,” added Tirta.
The POJK was formulated with the involvement of various stakeholders, including Financial Services Providers from the banking sector, capital market and non-bank financial industry, academics, legal experts, relevant associations, Alternative Dispute Resolution Institutions (LAPS) and non-governmental organisations (NGOs), for input and recommendations.
The salient provisions of OJK Regulation (POJK) Number 6/POJK.07/2022 to strengthen consumer and public protection are as follows:
Promulgation of OJK Regulation (POJK) Number 6/POJK.07/2022 supersedes and repeals POJK Nomor 1/POJK.07/2013 in its entirety.