OJK?s First Regulation on Consumer Protection

The much anticipated first regulation of the Financial Service Authority (Otoritas Jasa Keuangan / “OJK”) has finally been issued as OJK Regulation No. 1/POJK.07/2013 on Consumer Protection in the Financial Services Sector (“Regulation”).

The Regulation implements Article 31 of Law No. 21 of 2011 on the Financial Services Authority[1] that states the OJK will issue further provisions on consumer protection in the financial services sector. The protective measures are realized by establishing several obligations on Financial Service Providers including the creation of an internal disputes resolution unit and mechanisms for the resolution of consumer disputes.