OJK Will Have Legal Standing to Protect Consumers

The Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) will soon issue a Draft Regulation of OJK (Peraturan OJK– “ POJK ”) regarding Lawsuits by OJK for Consumer Protection in the Financial Services Sector (“ RPOJK on Lawsuits ”). The Chief Executive of Supervision of Financial Services Business Actors' Behavior, Education, and Consumer Protection at OJK, Friderica Widyasari Dewi, explained that the authority to take legal action is carried out as part of the consumer protection mandate.

"It's already in the harmonization stage, so it will be issued soon," said Friderica to Hukumonline.

According to the draft RPOJK on Lawsuitobtained by Hukumonline, the legal actions include filing lawsuits to recover assets and/or obtain compensation for parties harmed by actions occurring in the financial services sector. The lawsuits filed by OJK are based on the principle of institutional legal standing, meaning that OJK has the right to file such lawsuits as a regulator and does not act on behalf of certain party, group, or individual.

“This POJK on Lawsuits is expected to help OJK in filing lawsuits to recover the assets of harmed consumers,” she concluded.