- The original mandate of the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") encompassed the prioritization of consumer protection, and against this background, the OJK has now instructed the country’s financial services institutions to properly address principles of consumer protection, particularly fair treatment, within all of their product planning, marketing and utilization.
- Furthermore, the OJK is also aiming to promote the proper handling of complaints and settlement of disputes by financial services business actors through internal mechanisms and mediation procedures, as well as through the OJK Consumer Complaints Portal Application (Aplikasi Portal Pengaduan Konsumen OJK/APPK OJK). In cases where a mediation procedure fails to resolve a given dispute, then consumers may also seek out alternative dispute resolution institutions operating within the financial services sector (lembaga alternatif penyelesaian sengketa sektor jasa keuangan – "LAPS SJK").
- Tirta Segara, a member of the OJK’s Board of Commissioners for Education and Consumer Protection, has stated that the OJK is currently working on a plan to strengthen supervision of financial services institutions in their dealings with their consumers. One of the ways that this will be achieved is by requiring said institutions to record all sales of insurance products.
- Furthermore, Mr. Segara has also confirmed that the prevailing regulatory framework for Produk Asuransi Yang Dikaitkan Dengan Investasi ("PAYDI") is currently under review at the OJK in an effort to improve consumer protection. This review will address, among others areas, product specifications, company requirements for the marketing of PAYDI, marketing practices and investment management.
- For more information, see Hukumonline: “Lembaga Jasa Keuangan Diminta Patuhi Prinsip Perlindungan Konsumen”.
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