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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Pirhot Nababan
The financial services industry is demanding that the Financial Services Authority (“OJK”) be transparent in its collection of levies from financial services providers and the industry’s supporting professionals. According to Julian Noor, Executive Director of the Indonesia General Insurance Association (AAUI), transparency is essential to gain public trust.
The required transparency can be accomplished if there is a forum to oversee the implementation of OJK levies. Mr. Noor said this forum should consist of existing business associations within the financial services sector.
“This is so that the OJK is more transparent in collecting the levies,” Mr. Noor asserted.
Responding to the request, Rahmat Waluyanto, Deputy Chairman of the OJK’s Board of Commissioners, promised that his institution will be transparent in its collection of levies. The principle of transparency itself is mandated by the Law No. 21 of 2011 on OJK (“OJK Law”).
The OJK Law requires the OJK to submit its financial statements to the House of Representatives every quarter. The financial statements must also be supported by the OJK’s activities report. In addition, the OJK must publish its financial statements in national media.
Mr. Waluyanto further said that transparency will not be such a big issue, as OJK will be audited by the Audit Board of the Republic of Indonesia (“BPK”). In addition, the OJK also has its own internal audit system as an accompaniment to BPK’s audit.
“The OJK has made its own internal audit system by establishing an audit agency, consisting of members of the private sector, and there also will be a whistleblower system,” said Mr. Waluyanto
Mr. Waluyanto said that his institution welcomes the proposal from the financial sector to establish a forum to oversee the OJK’s levy collection procedures. However, OJK will not be establishing such a forum, as the transparency mechanisms under the prevailing laws and regulations are quite clear and should be sufficient.
(kc)
Fathan Qorib, Pirhot Nababan
The financial services industry is demanding that the Financial Services Authority (“OJK”) be transparent in its collection of levies from financial services providers and the industry’s supporting professionals. According to Julian Noor, Executive Director of the Indonesia General Insurance Association (AAUI), transparency is essential to gain public trust.
The required transparency can be accomplished if there is a forum to oversee the implementation of OJK levies. Mr. Noor said this forum should consist of existing business associations within the financial services sector.
“This is so that the OJK is more transparent in collecting the levies,” Mr. Noor asserted.
Responding to the request, Rahmat Waluyanto, Deputy Chairman of the OJK’s Board of Commissioners, promised that his institution will be transparent in its collection of levies. The principle of transparency itself is mandated by the Law No. 21 of 2011 on OJK (“OJK Law”).
The OJK Law requires the OJK to submit its financial statements to the House of Representatives every quarter. The financial statements must also be supported by the OJK’s activities report. In addition, the OJK must publish its financial statements in national media.
Mr. Waluyanto further said that transparency will not be such a big issue, as OJK will be audited by the Audit Board of the Republic of Indonesia (“BPK”). In addition, the OJK also has its own internal audit system as an accompaniment to BPK’s audit.
“The OJK has made its own internal audit system by establishing an audit agency, consisting of members of the private sector, and there also will be a whistleblower system,” said Mr. Waluyanto
Mr. Waluyanto said that his institution welcomes the proposal from the financial sector to establish a forum to oversee the OJK’s levy collection procedures. However, OJK will not be establishing such a forum, as the transparency mechanisms under the prevailing laws and regulations are quite clear and should be sufficient.
(kc)