Rabu, Mei 18, 2022

OJK Issues Updated Regulation on Consumer and Public Protections Within the Financial Services Sector

In an attempt to further strengthen efforts aimed at ensuring consumer protection within the financial services sector, the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") recently issued Regulation No. 6/POJK.07/2022 on Consumer and Public Protections Within the Financial Service Sector ("Regulation 6/2022"), which replaces and revokes the previous legal framework of Regulation of the OJK No. 1/POJK.07/2013, which addressed similar matters.
According to Tirta Segara, a member of the OJK’s Board of Commissioners for Education and Consumer Protection, the issuance of Regulation 6/2022 will serve as a response to the constantly evolving dynamics that continue to characterize the financial services sector.
As its title suggests, Regulation 6/2022 contains various provisions that specifically address the implementation of consumer protection by financial service industries in line with product planning, services and dispute settlement measures. Moreover, Regulation 6/2022 also clarifies the obligation to implement principles of openness and transparency in relation to information on products and services, as well as the obligation to improve the protection of consumer data and information.
Furthermore, Mr. Segara has also stated that the strengthening of consumer and public protections within the financial services sector is essential as it continues to adjust to the many rapid and dynamic developments, innovations and new technologies that characterize it, as well as to work towards improving the implementation of consumer protection by financial services business actors (Pelaku Usaha Jasa Keuangan – "PUJK").
In addition to the abovementioned features of Regulation 6/2022, several new obligations have also been introduced, including the following: 1) PUJK will now be required to implement adequate education aimed at improving the abilities of consumers to choose appropriate financial services products; 2) Consumers must be given enough time in which to comprehend agreements prior to their signing; 3) Units should be formed which will be responsible for the implementation of consumer and public protections; 4) Proper recording processes should be implemented if any products or services are offered through personal communications; 5) The results of self-assessments undertaken by PUJK regarding compliance with the consumer and public protection obligation should be reported to the OJK; and so forth. _(SETKAB)

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In an attempt to further strengthen efforts aimed at ensuring consumer protection within the financial services sector, the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") recently issued Regulation No. 6/POJK.07/2022 on Consumer and Public Protections Within the Financial Service Sector ("Regulation 6/2022"), which replaces and revokes the previous legal framework of Regulation of the OJK No. 1/POJK.07/2013, which addressed similar matters.
According to Tirta Segara, a member of the OJK’s Board of Commissioners for Education and Consumer Protection, the issuance of Regulation 6/2022 will serve as a response to the constantly evolving dynamics that continue to characterize the financial services sector.
As its title suggests, Regulation 6/2022 contains various provisions that specifically address the implementation of consumer protection by financial service industries in line with product planning, services and dispute settlement measures. Moreover, Regulation 6/2022 also clarifies the obligation to implement principles of openness and transparency in relation to information on products and services, as well as the obligation to improve the protection of consumer data and information.
Furthermore, Mr. Segara has also stated that the strengthening of consumer and public protections within the financial services sector is essential as it continues to adjust to the many rapid and dynamic developments, innovations and new technologies that characterize it, as well as to work towards improving the implementation of consumer protection by financial services business actors (Pelaku Usaha Jasa Keuangan – "PUJK").
In addition to the abovementioned features of Regulation 6/2022, several new obligations have also been introduced, including the following: 1) PUJK will now be required to implement adequate education aimed at improving the abilities of consumers to choose appropriate financial services products; 2) Consumers must be given enough time in which to comprehend agreements prior to their signing; 3) Units should be formed which will be responsible for the implementation of consumer and public protections; 4) Proper recording processes should be implemented if any products or services are offered through personal communications; 5) The results of self-assessments undertaken by PUJK regarding compliance with the consumer and public protection obligation should be reported to the OJK; and so forth. _(SETKAB)

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