DIGIVESTASI - The Financial Services Authority (OJK) to Release New Regulations Soon to Enhance Consumer Protection and Tighten Oversight of Financial Sector Players

The Financial Services Authority (OJK) will soon release a series of new regulations aimed at improving consumer protection and tightening supervision of businesses in the financial services sector.

One of the regulations currently being drafted is the Financial Services Authority Regulation Draft (RPOJK), which will govern the oversight of financial influencers.

Friderica Widyasari Dewi, the Head of the OJK’s Executive Office for Supervision of Financial Services Industry Behavior, Education, and Consumer Protection (PEPK), revealed that supervision of financial influencers will be a key focus of the regulation, which is scheduled for release in 2025.

“In 2025, OJK will issue several regulations as part of the Regulatory Program (Proleg) related to PEPK,” said Friderica in a written statement on Monday (January 20, 2025).

This RPOJK is designed to ensure that influencers providing financial information to the public operate in compliance with applicable rules to protect consumers from misleading or potentially harmful information, considering the significant influence that influencers on social media have on public financial decisions.

Other Regulations to Be Issued by OJK
In addition to the RPOJK on Financial Influencer Oversight, OJK is also planning several new regulations related to consumer protection and supervision of practices in the financial services sector. Some of the regulations to be issued include:

• RPOJK on Civil Lawsuits by OJK
  This regulation will grant OJK the authority to file civil lawsuits against businesses that violate regulations in the financial sector.
   

• RPOJK on Risk-Based Market Conduct Supervision
  This regulation aims to oversee market practices using a risk-based approach to ensure that all businesses in the financial industry operate in accordance with prudential principles.
   

• Draft SEOJK on Marketing and Information Disclosure of Financial Products
  This rule will govern how financial products are marketed and how information about these products is provided to consumers in a clear and non-misleading manner.
   

• Draft SEOJK on Guidelines for Reporting Consumer Complaints Services
  This regulation will provide guidelines for financial institutions in handling consumer reports and complaints to ensure fair and timely solutions for consumers.