Mandatory Self-Assessment for Consumer Protection in Financial Sector will Soon be Regulated

Regulation of the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) No. 22 of 2023 (“ Regulation 22/2023 ”) has been in force since 22 December 2023 and addresses a wide range of aspects that specifically relate to consumer and public protection within the financial services sector. The various provisions set out under this framework include the mandate for business actors operating within the financial services sector (Pelaku Usaha Jasa Keuangan– “ PUJK ”) to draft and submit self-assessment reports on their compliance with the various consumer and public protection obligations that feature under Regulation 22/2023 (“ Self-Assessments ”). [1] It should be noted that various provisions that feature under Regulation 22/2023 were previously summarized in the following edition of Indonesian Legal Brief (“ ILB ”): “ OJK Harmonizes Regulations on Consumer Protection: Concerns over Debt Collection Activities Addressed ”.