BI Introduces Detailed Guideline for the Implementation of Consumer Protection Principle

As a follow up to the issuance of Regulation of Bank Indonesia (“BI”) No. 22/20/PBI/2020 on Bank Indonesia Consumer Protection (“Regulation 20/2020”),[1] the BI Board of Governors has now issued Regulation No. 23/17/PADG/2021 on Procedures for the Implementation of Bank Indonesia Consumer Protection (“Regulation 17/2021”), which establishes a more detailed set of guidelines for the implementation of BI’s consumer protection principles. The issuance of Regulation 17/2021 also repeals and replaces Circular of BI No. 16/16/DKSP/2014 on Procedures for the Implementation of Consumer Protection by Financial System Organizers (“Circular 16/2014”).[2]