OJK Expects the LAPS to Operate by 2016
10 July 2015 11:24 WIB
TEMPO.CO, Jakarta – The Financial Services Authority (OJK) is targeting for the Alternative Dispute Resolution Institute (LAPS) to fully operate by January 2016. OJK head of consumer protection Anto Prabowo said that by then, the authority will be able to delegate its facilitation, mediation, arbitration and judicial functions for financial disputes to the agency.
Anto said that earlier in April the regulator had conducted trials on several dispute resolution agencies. But the tests only covered the insurance, capital markets and pension fund sectors.
"In November, we will hold trials for LAPS in the banking, mortgage, underwriting and financing industries," he said in Manado, July 7.
Anto said that the establishment of the LAPS is aimed at allowing the OJK to carry out purely supervisory functions. The regulator will also supervise the LAPS' activities.
From January to July this year, the OJK had received 14,986 public reports from all parts of Indonesia related to the financial services industry. From the reports, 627 are complaints while the rest are information inquiries.
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