OJK to Asses Consumer Protection Programs

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  • Otoritas Jasa Keuangan. TEMPO/Tony Hartawan

    Otoritas Jasa Keuangan. TEMPO/Tony Hartawan

    TEMPO.CO, Jakarta - The Financial Services Authority (OJK) plans to assess financial businesses' consumer protection activities in a bid to measure industry players' compliance with its regulations. The regulator will mandate industries to conduct self-assessments by filling out forms.

    OJK chief for financial literacy and inclusion Agus Sugiarto said the self-assessment result will determine whether a financial business meets the regulator's requirement in terms of transparency aspects, fair treatment, reliability and maintaining consumers' confidentiality.

    The OJK will also conduct thematic surveillances based on public complaints and reports. If any misconduct is revealed, the regulator will roll out mystery shopping activities to further investigate how a financial institution's interacts with its consumers.

    As of May this year, the OJK had received some 40,000 complaints from the public. Anto Prabowo, the OJK's consumer protection program department head, had said that 60 percent of said complaints are addressed to the banking sector.