- Bank Indonesia (“BI”) recently issued Regulation No. 22/20/PBI/2020 on Bank Indonesia Consumer Protection (“Regulation 22/2020”). Erwin Haryono, Executive Director of the Department of Communications at BI, has stated that Regulation 22/2020 contains a comprehensive set of regulations that address the scope of consumer protection, which now includes monetary, macro-prudential and payment systems.
- Meanwhile, the organizers that will now become subject to BI consumer protection include organizers operating within the field of payment systems, monetary service activity organizers, money-market and foreign-exchange market players, as well as other parties regulated and supervised by BI.
- Furthermore, Mr. Haryono has stated that the points of enhancement stipulated under Regulation 22/2020 encompass the following matters: 1) Redefinition of consumers and operators; 2) Adjustment to the scope of BI consumer protection; 3) Improvement of the consumer protection principles; 4) Strengthening of the supervisory function through the monitoring of the behavior of organizers within the context of consumer protection, educational function and the handling of complaints; and 5) Strengthening of various aspects of consumer protection in order to meet the demands of the digital era.
- Regulation 22/2020 has been issued as part of BI’s commitment to supporting national consumer protection through the implementation of policies that are both relevant and in line with international best practice. In addition, the new regulatory framework is also aiming to further balance the relationship between organizers and consumers, as well as to respond to new challenges and developments relating to financial innovation and the digitalization of financial products, services and payment systems. (ANT)
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