Pursuant to Law No. 21 of 2011 on the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”), which was amended by Law No. 4 of 2023 on the Development and Strengthening of Financial Services (collectively referred to as “ Law 21/2011 ”), the OJK has been granted the authority to undertake legal defense as a part of its consumer protection mandate. Said legal defense involves the filing of lawsuits in order to recover assets and/or secure compensation for parties harmed by actions that occur within the financial services sector. [1]
Financial Service Business Actors Receive Wake-Up Call: OJK Lawsuits to Target Misconduct and Bad-Faith Transactions
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