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Ada Pertanyaan? Hubungi Kami Mahinda Arkyasa
The government regulation draft on service fee that will be imposed by the Financial Services Authority (OJK) is currently being discussed by all stakeholders in the financial services industry.
Under the draft, the service fee is based on financial institution’s total assets. For example, the service fee for banking and non-banking institutions, including insurance companies and state owned pawn shops (Pegadaian), is set at 0,03% of total assets in 2013 and will be increased to 0,06% of total assets in 2016. For capital market businesses, including stock exchange and clearing agencies, the service fee is set at 7,5% to 15% of the institution’s total revenue.
Director of Indonesian Stock Exchange (BEI) Ito Warsito stated that the amount is reasonable because OJK needs a large fund to regulate, oversee, evaluate, and conduct research on the financial industry. “OJK needs the funds so that it can be well-managed,” Ito asserted.
Securities companies reacted differently in regards to the service fee issue. Lily Widjaja, Chairperson of the Association of Indonesian Securities Companies (Asosiasi Perusahaan Efek Indonesia – APEI), stated that the service fee will be a burden on the capital market industry.
“OJK should postpone the collection of service fees until the capital market industry is ready to take up the additional burden,” Lily emphasized.
Hardijanto Saroso, Chairman of Indonesian Corporate Secretary Association (ICSA), stated that his institution will study the issue first. He explained that the policy may cause publicly listed companies to stop offering securities in BEI.
“The question is whether the service fee will be a burden on the industry. If additional charges are imposed on issuing companies, they may withdraw from BEI,” Hardijanto said. Hardijanto also added that OJK must provide a detailed explanation regarding the service fee.
Hardijanto explained that the service fee will not be a problem if it aims to improve financial services system and provide better facilities for companies. However, if it is used to pay OJK employees’ remuneration, ICSA will urge the House of Representatives to evaluate OJK.
ICSA, said Hardijanto, will assess the benefits of the service fee. Afterwards, ICSA will present its opinion to OJK.
Chairman of OJK Muliaman Hadad assured that the service fee will not create a burden for the financial industry because it will be implemented gradually from 2013 to 2016.
Muliaman also explained that Law No. 21 of 2011 on OJK states that OJK is funded by the State Budget and the financial industry.
“We cannot rely solely on the State Budget, because it’s people’s money. So we plan to reduce the funding from the State Budget and increase the funding from the financial industry.”
Muliaman explained that in 2013, OJK’s funds will originate from the State Budget and the financial industry with a 50-50 ratio. However, this ratio will change gradually over the years, as the amount of the State Budget used for OJK’s funding will be reduced annually.
Muliaman further confirmed that the stipulated amount of the financial service fee is not yet final. He stated that OJK is waiting for financial institutions’ response on this issue.
(hot/jt)
Mahinda Arkyasa
The government regulation draft on service fee that will be imposed by the Financial Services Authority (OJK) is currently being discussed by all stakeholders in the financial services industry.
Under the draft, the service fee is based on financial institution’s total assets. For example, the service fee for banking and non-banking institutions, including insurance companies and state owned pawn shops (Pegadaian), is set at 0,03% of total assets in 2013 and will be increased to 0,06% of total assets in 2016. For capital market businesses, including stock exchange and clearing agencies, the service fee is set at 7,5% to 15% of the institution’s total revenue.
Director of Indonesian Stock Exchange (BEI) Ito Warsito stated that the amount is reasonable because OJK needs a large fund to regulate, oversee, evaluate, and conduct research on the financial industry. “OJK needs the funds so that it can be well-managed,” Ito asserted.
Securities companies reacted differently in regards to the service fee issue. Lily Widjaja, Chairperson of the Association of Indonesian Securities Companies (Asosiasi Perusahaan Efek Indonesia – APEI), stated that the service fee will be a burden on the capital market industry.
“OJK should postpone the collection of service fees until the capital market industry is ready to take up the additional burden,” Lily emphasized.
Hardijanto Saroso, Chairman of Indonesian Corporate Secretary Association (ICSA), stated that his institution will study the issue first. He explained that the policy may cause publicly listed companies to stop offering securities in BEI.
“The question is whether the service fee will be a burden on the industry. If additional charges are imposed on issuing companies, they may withdraw from BEI,” Hardijanto said. Hardijanto also added that OJK must provide a detailed explanation regarding the service fee.
Hardijanto explained that the service fee will not be a problem if it aims to improve financial services system and provide better facilities for companies. However, if it is used to pay OJK employees’ remuneration, ICSA will urge the House of Representatives to evaluate OJK.
ICSA, said Hardijanto, will assess the benefits of the service fee. Afterwards, ICSA will present its opinion to OJK.
Chairman of OJK Muliaman Hadad assured that the service fee will not create a burden for the financial industry because it will be implemented gradually from 2013 to 2016.
Muliaman also explained that Law No. 21 of 2011 on OJK states that OJK is funded by the State Budget and the financial industry.
“We cannot rely solely on the State Budget, because it’s people’s money. So we plan to reduce the funding from the State Budget and increase the funding from the financial industry.”
Muliaman explained that in 2013, OJK’s funds will originate from the State Budget and the financial industry with a 50-50 ratio. However, this ratio will change gradually over the years, as the amount of the State Budget used for OJK’s funding will be reduced annually.
Muliaman further confirmed that the stipulated amount of the financial service fee is not yet final. He stated that OJK is waiting for financial institutions’ response on this issue.
(hot/jt)