Ada Pertanyaan? Hubungi Kami 
Ada Pertanyaan? Hubungi Kami Fathan Qorib, Robert Sidauruk
The Financial Services Authority (OJK) finally issued its long anticipated first regulation on 26 July 2013. This is the OJK’s first regulation since its operations began on 2 January 2013. The regulation, which is registered as Regulation No. 01/POJK.07/2013 (Regulation) covers consumer protection in the financial services sector.
“This is the first legal product issued by the OJK and will also be the umbrella law for consumer protection in the financial services sector,” said Muliaman D Hadad, Chairman of the OJK, in Jakarta on Tuesday.
From a regulatory perspective, the Regulation implements Article 4 of Law No. 21 of 2011 on the Financial Services Authority, that required the OJK to ensure that national financial services activities are conducted in a fair, transparent, and accountable manner.
Muliaman further explained that the Regulation emphasizes three main components for ensuring the protection of consumers using financial services.
The first is improvements in transparency and the disclosure of benefits, risks and product associated costs.
Second, is the responsibility of financial service providers to assess the relative benefits and risks applicable to the circumstances of a costumer.
The third component is the procedures and opportunities for customers to address complaints and dispute resolution arising from financial service products.
From a more practical perspective, Muliaman continued, the OJK will issue an implementing regulation in the form of a circular letter in the near future.
Prior to this letter being issued, the OJK will establish a one year transition period for financial service providers to comply with the Regulation.
“The Circular Letter will provide technical provisions based on the type of financial services,” added Muliaman.
On the same occasion, KusumaningtutiSandriharmy, member of the OJK Board of Commissioners, explained that the Regulation is a reference tool for appropriate market behavior between financial service providers and their costumers. It applies to all financial services such as the banking industry, insurance, as well as capital markets.
In response to a question on the possibility of overlaps with similar provisions that currently apply to the financial services industry, Kusumaningtuti confirmed that existing provisions will remain in force to the extent that they do not contradict the Regulation.
“Therefore, any consumer protection provisions that currently exist in these sectors will remain in force as long as they do not contradict the Regulation,” said Kusumaningtuti.
(hot/kc)
Fathan Qorib, Robert Sidauruk
The Financial Services Authority (OJK) finally issued its long anticipated first regulation on 26 July 2013. This is the OJK’s first regulation since its operations began on 2 January 2013. The regulation, which is registered as Regulation No. 01/POJK.07/2013 (Regulation) covers consumer protection in the financial services sector.
“This is the first legal product issued by the OJK and will also be the umbrella law for consumer protection in the financial services sector,” said Muliaman D Hadad, Chairman of the OJK, in Jakarta on Tuesday.
From a regulatory perspective, the Regulation implements Article 4 of Law No. 21 of 2011 on the Financial Services Authority, that required the OJK to ensure that national financial services activities are conducted in a fair, transparent, and accountable manner.
Muliaman further explained that the Regulation emphasizes three main components for ensuring the protection of consumers using financial services.
The first is improvements in transparency and the disclosure of benefits, risks and product associated costs.
Second, is the responsibility of financial service providers to assess the relative benefits and risks applicable to the circumstances of a costumer.
The third component is the procedures and opportunities for customers to address complaints and dispute resolution arising from financial service products.
From a more practical perspective, Muliaman continued, the OJK will issue an implementing regulation in the form of a circular letter in the near future.
Prior to this letter being issued, the OJK will establish a one year transition period for financial service providers to comply with the Regulation.
“The Circular Letter will provide technical provisions based on the type of financial services,” added Muliaman.
On the same occasion, KusumaningtutiSandriharmy, member of the OJK Board of Commissioners, explained that the Regulation is a reference tool for appropriate market behavior between financial service providers and their costumers. It applies to all financial services such as the banking industry, insurance, as well as capital markets.
In response to a question on the possibility of overlaps with similar provisions that currently apply to the financial services industry, Kusumaningtuti confirmed that existing provisions will remain in force to the extent that they do not contradict the Regulation.
“Therefore, any consumer protection provisions that currently exist in these sectors will remain in force as long as they do not contradict the Regulation,” said Kusumaningtuti.
(hot/kc)