OJK Calls for Improved Consumer Protection Through Strengthening Market Conduct Supervision

- 08 July 2022 14:32 WIB
Chairman of the OJK Board of Commissioners, Wimboh Santoso. (Photo/screenshot instgram @wimboh.ojk)
Chairman of the OJK Board of Commissioners, Wimboh Santoso. (Photo/screenshot instgram @wimboh.ojk)

JAKARTADAILY.ID – The Indonesian Financial Services Authority (OJK) called for financial service businesses to improve consumer protection by strengthening market conduct supervision.

Chairman of the OJK Board of Commissioners, Wimboh Santoso, said that the provisions regarding market conduct are regulated in POJK No. 6/POJK.07/2022 concerning Consumer and Community Protection in the Financial Services Sector (POJK No.6/2022).

"In order to strengthen the implementation of market conduct in the financial services sector and encourage openness and transparency of information to consumers in the financial services sector, OJK has just issued OJK Regulation No.6 of 2022,” Wimboh said onThursday, July 7, 2022.

Also read: BAPPENAS Sign MoU With OJK to Support Synergy of Economic Recovery and Transformation Policy

Wimboh explained that POJK No. 6/2022 is an improvement in regulations related to market conduct that binds financial service actors, including through the obligation to design/test financial products and services to assess potential risks to consumers, as well as implement the product life cycle stages before a product or service is introduced. finance launched to the public.

According to him, the implementation of this provision is not only in favor of consumers but also balances the interests of consumers and financial service business actors while still considering the cost and benefit analysis.

The expected result is that the number of public complaints about financial products and services can gradually decrease along with its implementation.

"Therefore, market conduct is important so that financial service institutions have responsibility for the financial instruments or investments offered so that the public has a good understanding of the risks that will arise in the future," said Wimboh.

Also read: OJK Strengthens Cooperation with the Financial Authorities of Australia and Japan

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Editor: Suksmajati Kumara

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