Accelerated Electronic Court Filing and Cassation Mechanisms Introduced for OJK-Initiated Consumer Lawsuits

In accordance with Law No. 21 of 2011 on the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), as amended by Law No. 4 of 2023 on the Development and Strengthening of Financial Services (collectively referred to as “Law 21/2011”), the OJK is authorized to initiate various legal defense measures, including filing lawsuits in order to recover the assets of and/or seek compensation for any parties who sustain losses as a result of activities that are undertaken within the financial services sector.[1] However, the procedural rules that govern the filing, examination and enforcement of such lawsuits were not previously regulated.