OJK Introduces New Consumer and Public-Service System for the Financial Services Sector

As set out under Law No. 21 of 2011 on the Financial Services Authority (“OJK Law”), the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is authorized to protect both consumers and members of the general public.[1] As a result, in order to implement various provisions initially set out under the OJK Law, the OJK recently issued Regulation No. 31/POJK.07/2020 on the Organization of Consumer and Public Services by the Financial Services Authority within the Financial Service Sector (“Regulation 31/2020”).[2]