BI Introduces Detailed Guideline for the Implementation of Consumer Protection Principle

As a follow up to the issuance of Regulation of Bank Indonesia (“ BI ”) No. 22/20/PBI/2020 on Bank Indonesia Consumer Protection (“ Regulation 20/2020 ”), [1] the BI Board of Governors has now issued Regulation No. 23/17/PADG/2021 on Procedures for the Implementation of Bank Indonesia Consumer Protection (“ Regulation 17/2021 ”), which establishes a more detailed set of guidelines for the implementation of BI’s consumer protection principles. The issuance of Regulation 17/2021 also repeals and replaces Circular of BI No. 16/16/DKSP/2014 on Procedures for the Implementation of Consumer Protection by Financial System Organizers (“ Circular 16/2014 ”). [2]