Summary of OJK in Consumer

Protection Part.
NAME : BILLY JOHANES COLLIN NUMBER ID :
017201700007
REGULATION OF OJK IN TERMS OF CONSUMER PROTECTION
Article 31 of Law Number 21 of 2011 concerning the Financial Services Authority. This
Consumer Protection covers all behaviors of Financial Service Providers.
In accordance with its vision, mission, functions and duties, the Financial Services
Authority (OJK) has the authority to regulate, supervise, audit and investigate and
emphasize the protection of the interests of consumers and the public, especially
consumers of financial service products. Based on the Financial Services Authority
Regulation No. 1 / POJK.07 / 2013 concerning Consumer Protection, consumer
protection applies 5 principles, namely: (1) transparency, (2) fair treatment, (3) reliability,
(4) confidentiality and data security / Consumer information and (5) handling complaints
and Consumer dispute resolution in a simple, fast, and affordable manner.
A concrete example of the form of supervision carried out by OJK is by requiring
financial products to include a halal and OJK stamp in effect since August 6, 2014. Such
actions are carried out as a form of protection for consumers for unclear information
regarding financial products offered by banks. So that now in selling financial products
or promoting it is required to be clearer, honest, and not mislead consumers. As an
illustration, promotion and credit card services to consumers, in addition to having to
meet the new regulatory requirements in accordance with Law Number 21 of 2011, also
must explain how to calculate interest to prospective customers. In addition, if there are
PUJK that do not heed the existing regulations, the OJK will give a warning and the final
step recommends revoking its operational permit.

TASKS OF OJK IN GENERAL FIELD

To carry out the tasks of regulation and supervision in the Banking sector, OJK has the
authority to regulate and supervise bank institutions which include:

1. Licensing for the establishment of banks, opening of bank offices, articles of

association, work plans, ownership, management and human resources,
mergers, bank consolidation and acquisitions, and revocation of bank business
licenses
 2. The bank's business activities include funding, provision of funds, hybrid
products, and activities in the service sector.