BI Consumer Protection Expanded

In order to provide better consumer protection which refers to international best practices and which can respond to product innovations and the digitalization of products and/or services within the financial services sector, Bank Indonesia (“BI”) has issued Regulation No. 22/20/PBI/2020 on Bank Indonesia Consumer Protection (“Regulation 20/2020”). In essence, Regulation 20/2020 updates guidelines that address the protection of the consumers of organizers of products and/or services that are regulated and supervised by BI.[1]