"Dream - The Financial Services Authority (OJK) strengthens efforts to protect consumers and the public in the financial services sector. This protection is carried out through the issuance of Financial Services Authority Regulation (POJK) Number 22 of 2023 concerning Consumer and Community Protection in the Financial Services Sector."

The publication of POJK Number 22 of 2023 is a follow-up to the mandate of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (Law P2SK) and replaces POJK Number 6/POJK.07/2022 concerning Consumer and Community Protection in the Financial Services Sector, as well as refining several other POJKs.

The Head of the Executive Board of the Financial Services Authority's Behavioral Supervision of Financial Services Business, Education, and Consumer Protection, Friderica Widyasari Dewi, stated that the OJK appreciates various inputs in the preparation of this POJK to relevant stakeholders, from financial services industry associations to Financial Services Business Actors (PUJK).

"POJK Number 22 of 2023 also reinforces the authority of the Financial Services Authority in supervising the Market Conduct of Financial Service Providers (PUJK) in designing, providing information, delivering information, marketing, making agreements, and providing services for products or services, as well as handling complaints and resolving disputes."

Supervision of PUJK Behavior (Market Conduct) is expected to maintain and enhance consumer trust in PUJK in every activity and business operation in the financial services sector. It should also provide opportunities for the fair, efficient, and transparent development of PUJK.

“Since the enactment of the P2SK Law, PUJK has been increasingly encouraged to become a business entity that is healthy in terms of business, and to apply good market conduct in carrying out its business activities. I believe that these two things cannot be separated. By applying the principles of market conduct, it will further encourage the growth of healthy businesses due to the strengthening of consumer trust,” emphasized Friderica.

In substance, the strengthening of consumer and community protection covered in this POJK includes: 1. Adjustment of the scope of PUJK and principles of consumer protection 2. Prohibition of accepting as consumers and/or collaborating with parties conducting business activities in the financial sector that do not have permission from the Financial Services Authority or the relevant authority.

Here is the translated text with the HTML tags preserved: "3. Rights and obligations of prospective consumers, consumers, and PUJK as well as prohibitions for PUJK
4. Inclusion of costs and commissions/rewards to marketing agents/intermediaries in the agreement
5. Mechanism for billing and takeover/retrieval of collateral by PUJK for credit and/or financing products and/or services
6. Adjustment of the complaint service duration for PUJK"

Here is the translated text with HTML tags preserved: "7. Protection of data and/or information and the obligation to ensure the security of information systems and cyber resilience 8. Supervision of PUJK behavior (market conduct) 9. Strengthening regulations regarding the provision, delivery of information, and marketing of Investment-Linked Insurance Products (PAYDI) 10. Submission of objections to administrative sanctions issued by OJK 11. Strengthening OJK's authority to file civil lawsuits."