Following the mandate set under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“ Law 4/2023 ”) [1] and the need for consumers to be able to access an alternative dispute resolution mechanism, Bank Indonesia (“ BI ”) has issued Regulation No. 3 of 2024 (“ Regulation 3/2024 ”) on Alternative Dispute Resolution Institutions for the Financial Sector (Lembaga Alternatif Penyelesaian Sengketa Sektor Keuangan– “ LAPS-SK ”), which has been in force since 14 May 2024. [2]
Consumer Rejoice! LAPS SK as New Avenue for Alternative Dispute Resolution in Financial Sector
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