OJK Prepares Regulations to Protect Society from Illegal Investment Scams

The Financial Services Authority ("OJK") is finalizing regulations regarding the Filing of Civil Lawsuits by OJK. Through this regulation, OJK will have the authority to file civil lawsuits against business actors who violate financial sector regulations.

"The effort to file civil lawsuits is part of OJK's consumer protection initiative. It applies to both financial service institutions registered and supervised by OJK and consumers who fall victim to illegal investment schemes by companies not under OJK’s supervision," stated the Chief Executive of Financial Services Business Conduct Supervision, Education, and Consumer Protection ("PEPK") at OJK, Friderica Widyasari Dewi.

Friderica revealed that the Draft OJK Regulation ("RPOJK") is part of the OJK 2025 Regulatory Program (Proleg). It also includes the finalization of the RPOJK on Risk-Based Market Conduct Supervision to ensure that all business actors in the financial industry operate prudently.

"This regulation will provide guidelines for financial institutions in handling consumer complaints and reports, ensuring that consumers receive fair and timely solutions," she concluded.