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The Financial ServicesAuthority (OJK) has said it expects that an alternative dispute resolution (ADR) agency for each financial services sector can be established by the end of 2015 at the latest as is mandated by OJK Regulation No. 1/POJK.07/2014 on Alternative Dispute Resolution Institutions for the Financial Services Sector (2014 Regulation).
Sri Rahayu Widodo, Deputy Commissioners for Education and Consumer Protection at the OJK, has indicated that the financial services associations for the banking, financing, credit insurance, and pawnshop sectors are currently discussing a uniform dispute resolution agency for each sector. Pursuant to Article 10 (2) of the 2014 Regulation, each association has been given until 31 December 2015 to establish an ADR agency.
“The associations from each sector are currently preparing the concept,” said Mrs. Widodo in Jakarta in Tuesday.
In ensure proper protection of consumers, the OJK expects the new agency will have comprehensive dispute resolution mechanisms that can be easily accessed by consumers. Moreover, Mrs. Widodo added that the settlement process must be designed based on reaching a consensus between disputing parties in a timely and cost efficient manner.
Until the ADR agency is established, Mrs. Widodo said that consumers may submit requests to resolve disputes with their financial services provider to the OJK, as is stipulated under OJK Regulation No. 1/POJK.07/2013 on Consumer Protection in the Financial Services Sector (2013 Regulation).
However, in order for the OJK to handle a dispute, several requirements must first be satisfied. For instance, the consumer’s loss must be less than IDR 500 million for a dispute related to the banking, capital market, pension fund, life insurance, financing, pawnshop, and credit insurance sectors. For disputes between consumers and a general insurance company, the maximum loss must not be greater than IDR 750 million.
Later Implementation for Microfinance Sector
While the 2014 Regulation establishes a date for the establishment of the ADR agency, this deadline does not apply to the microfinance industry. This is due to the fact that the current microfinance industry sector was only recently established in 2013, when Law No. 1 of 2013 on the Microfinance Institution (Microfinance Law) was enacted.
The current view is that the microfinance sectorstill requires a longer time to better establish the sector. In addition, as Mrs. Widodo further explained, the OJK will not officially have authority to supervise this sector until 2015.
“The alternative dispute resolution agency for microfinance will be established gradually,” concluded Mrs. Widodo.
Further information on 2014 Regulation (ILB No. 2344), 2013 Regulation (ILD No. 321), and Microfinance Law (ILD No. 286)
(hot/kc)
Robert Sidauruk, Fathan Qorib
The Financial ServicesAuthority (OJK) has said it expects that an alternative dispute resolution (ADR) agency for each financial services sector can be established by the end of 2015 at the latest as is mandated by OJK Regulation No. 1/POJK.07/2014 on Alternative Dispute Resolution Institutions for the Financial Services Sector (2014 Regulation).
Sri Rahayu Widodo, Deputy Commissioners for Education and Consumer Protection at the OJK, has indicated that the financial services associations for the banking, financing, credit insurance, and pawnshop sectors are currently discussing a uniform dispute resolution agency for each sector. Pursuant to Article 10 (2) of the 2014 Regulation, each association has been given until 31 December 2015 to establish an ADR agency.
“The associations from each sector are currently preparing the concept,” said Mrs. Widodo in Jakarta in Tuesday.
In ensure proper protection of consumers, the OJK expects the new agency will have comprehensive dispute resolution mechanisms that can be easily accessed by consumers. Moreover, Mrs. Widodo added that the settlement process must be designed based on reaching a consensus between disputing parties in a timely and cost efficient manner.
Until the ADR agency is established, Mrs. Widodo said that consumers may submit requests to resolve disputes with their financial services provider to the OJK, as is stipulated under OJK Regulation No. 1/POJK.07/2013 on Consumer Protection in the Financial Services Sector (2013 Regulation).
However, in order for the OJK to handle a dispute, several requirements must first be satisfied. For instance, the consumer’s loss must be less than IDR 500 million for a dispute related to the banking, capital market, pension fund, life insurance, financing, pawnshop, and credit insurance sectors. For disputes between consumers and a general insurance company, the maximum loss must not be greater than IDR 750 million.
Later Implementation for Microfinance Sector
While the 2014 Regulation establishes a date for the establishment of the ADR agency, this deadline does not apply to the microfinance industry. This is due to the fact that the current microfinance industry sector was only recently established in 2013, when Law No. 1 of 2013 on the Microfinance Institution (Microfinance Law) was enacted.
The current view is that the microfinance sectorstill requires a longer time to better establish the sector. In addition, as Mrs. Widodo further explained, the OJK will not officially have authority to supervise this sector until 2015.
“The alternative dispute resolution agency for microfinance will be established gradually,” concluded Mrs. Widodo.
Further information on 2014 Regulation (ILB No. 2344), 2013 Regulation (ILD No. 321), and Microfinance Law (ILD No. 286)
(hot/kc)