OJK Obliges Financial Institutions to Provide Dispute Settlement

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  • TEMPO.CO, Bandung - Sri Rahayu, deputy commissioner of consumer education and protection at the Financial Services Authority (OJK), said that banking and financial institutions are required to have a dispute settlement body that will solve disputes between people and financial services companies.

    "Capital market, insurance and pension fund [institutions] already have one," said Sri on Saturday, adding that in accordance with OJK Regulation No. 1/2013 on Financial Services Sector Consumer Protection, financial services companies are obliged to provide dispute settlement services.

    Dispute settlement services will be aimed at addressing complaints or problems related to financial services. "The sectors that don't have [dispute settlement services] must immediately establish one by December 2015 at the latest," said Sri.

    She added that dispute settlement services are needed to solve problems that cannot be solved internally.