Role of OJK in Consumer Protection Lawsuits

The Financial Services Authority (“OJK”) requires Regulation of the Supreme Court (“MA”) to strengthen regulations related to civil lawsuits. The Draft Regulation of OJK (Draft Regulation) is considered insufficient for consumer protection in the financial services sector.

"Because we regulate the financial services sector, but it is the Supreme Court that regulates and provides the legal basis for the judicial process. That is the reason," said  Chairman of the Board of Commissioners of OJK Mahendra Siregar to Hukumonline.

The MA is currently finalizing the Regulation of MA (“Regulation”) on civil lawsuits. Meanwhile, OJK is still harmonizing Draft Regulation of OJK on Lawsuits by the Financial Services Authority for Consumer Protection in the Financial Services Sector (“Draft Regulation”). In the future, OJK will have the right to file lawsuits as a regulator and will not represent specific parties, groups, or individuals.

"Because in order to process such cases in court, there must be a Supreme Court regulation," said Mahendra.