OJK Updates Provisions on Consumer Protection: PUJK Prohibited from Marketing Products Through Personal Communication Facilities Prior to Securing Approvals

In an attempt to strengthen arrangements relating to consumer protection and the obligations of Financial Services Business Actors (Pelaku Usaha Jasa Keuangan– “ PUJK ”) and in response to the many dynamic changes that are being experienced within the financial services sector, [1] the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) recently revised the legal framework on Consumer and General Public Protection Within the Financial Services Sector (“ Consumer Protection ”) through the issuance of Regulation No. 6/POJK.07/2022 (“ Regulation 6/2022 ”). Previously, Consumer Protection was specifically addressed under Regulation of the OJK No. 1/POJK.07/2013 (“ Regulation 1/2013 ”), which has now been repealed and replaced. [2]