Attention Financial Services Providers: New Mandatory Semiannual Consumer Complaints Reporting Regime Set for Introduction on 1 January 2027

In 2018, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Circular No. 17/SEOJK.07/2018 on Guidelines for the Implementation of Consumer Complaint Services in the Financial Service Sector (“Circular 17/2018”). Among its various provisions, Circular 17/2018 required Financial Services Providers (Pelaku Usaha Jasa Keuangan – “PUJK”) to establish a consumer complaints service (“Complaint Service”) and to publish information regarding the handling on consumers’ verbal or written complaint arising from actual and/or potential material loss.