BI Adjusts Consumer Protection Provisions Through P2SK Law

Following the issuance of the Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“ Law 4/2023 ”), which was squarely aimed at the reform of Indonesia’s financial sector, Bank Indonesia (“ BI ”) has now also issued Regulation No. 3 of 2023 on BI Consumer Protection (“ Regulation 3/2023 ”) in an effort to achieve financial sector reform through the application of increased consumer protection. [1]