OJK Bans Marketing of Offshore Product Securities and Continues to Strengthen Consumer Protection

- 11 July 2022 17:05 WIB
The Financial Services Authority or OJK building in Jakarta.
The Financial Services Authority or OJK building in Jakarta.

JAKARTADAILY.ID –  Indonesian Financial Services Authority (OJK) is prohibiting Financial Services Businesses (PUJK) in the capital market sector from marketing, promoting, or advertising financial products and services other than those licensed by the OJK, including securities issued outside the country (offshore products).

OJK Capital Market Supervisory Chief Executive Hoesen said the ban was issued by the OJK after observing developments in marketing, promotion, and advertising related to products and services using an integrated application platform (super apps) used in one business group.

Hoesen said this affirmation is conveyed to improve consumer protection and prevent misunderstanding of information received by the public related to the financial service products offered.

Also Read: OJK Calls for Improved Consumer Protection Through Strengthening Market Conduct Supervision

"OJK has found many super apps that offer investment products in the form of securities (stocks, bonds) issued by offshore products that are outside the authority of OJK's supervision," he said in a press statement, Saturday, July 9, 2022.

Hoesen emphasized that the marketing of foreign securities in Indonesia has not been allowed to date, considering that this product is not a product licensed by the OJK so it poses a considerable risk to the public.

Also Read: OJK Launches 54 SiMOLEK Cars Aimed at Facilitating Indonesian Financial Literacy and Education Programs

 "Investment products supervised by OJK include securities (securities) issued by entities that are legal entities in Indonesia and have been declared effective by OJK to be offered to the public. Meanwhile, other investment products such as securities issued by entities abroad, crypto assets, and gold is not a product that is licensed and supervised by the OJK," said Hoesen.

For OJK that violates the provisions in the practice of marketing, promotion, or advertising of its products and services, OJK requests to immediately stop services and/or product offerings outside the OJK's permit and supervision through an integrated application (one roof/super apps) that includes the OJK logo or a statement that the product and the PUJK have been licensed and supervised by the OJK.

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Editor: Suksmajati Kumara

Source: OJK

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