As Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“ Law 4/2023 ”) mandates the establishment of institutions that can provide out-of-court dispute resolution for consumers operating within the financial sector, [1] Bank Indonesia (“ BI ”) previously responded by issuing Regulation No. 3 of 2024 [SP1] ( Regulation 3/2024 ) on Alternative Dispute Resolution Institutions Operating Within the Financial Sector (Lembaga Alternatif Penyelesaian Sengketa Sektor Keuangan– “ LAPS-SK ”). [2]
LAPS-SK Membership is Now Mandatory for Financial Service Organizers
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