BI Finalizes New Consumer Protection Regulations

Bank Indonesia (“BI”) is finalizing the Draft Regulation of Bank Indonesia on Bank Indonesia Consumer Protection (“Draft Regulation”). This regulation is an update aimed at strengthening legal certainty for the public as BI consumers. 

“This RPBI will replace Regulation of Bank Indonesia No. 3 of 2023 on Bank Indonesia Consumer Protection (“Regulation 3/2023”),” said an internal source at Bank Indonesia cited by Hukumonline. 

This RPBI on consumer protection was drafted in response to the enactment of the revised Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“Draft Bill”) into a new law. This regulatory update will expand the scope of market conduct supervision in the areas of Payment Systems, the Money Market, and the Foreign Exchange Market to ensure legal certainty and fair treatment in the financial sector.

“It is still in the discussion and harmonization process,” the source added.