OJK: Level of Consumer Complaints and Level of Public Awareness Increase

Mar 17 2015

Financial Services Authority, Medan, March 17, 2015: Member of Board of Commissioners of the Financial Services Authority (OJK) Kusumaningtuti S. Soetiono said that the number of consumer complaints in financial sector reported through OJK`s Integrated Financial Services increased as of early in March 2015 compared to the same period last year. However, that increase was not only because of the increasing amount of problems between financial services consumers and companies, but also due to the increasing public awareness in reporting their cases to OJK. Improvement in prosperity might have driven the increase as well.

The increasing number of reports from society should be considered positively, that it showed improvement in public awareness regarding OJK`s existence and therefore people were willing to report their problems to OJK`s Integrated Financial Services, Kusumaningtuti said in the sideline of Consumer Protection training in Medan, North Sumatera on Tuesday (March 17, 2015).

Total number of consumer complaints received by OJK`s Integrated Financial Services during 2014 reached 2,197 reports. While as of March 11, 2015, OJK has recorded 308 complaints. Of all regions where the reports originated, Jakarta was the biggest source of complaints with 847 reports, followed by West Java with 430 reports, East Java with 418 reports, Central Java with 306 reports, and North Sumatra with 194 reports.

The most reported sector was banking, followed by insurance, financing institutions and capital market. Most of banking problems had to do with guarantee auction, credit restructuring and payment using cards. As for insurance sector, the problems were mostly about policy claim, whereas cases reported in financing institutions were mostly about withdrawal of fiduciary guarantee and debt collectors` manner. In capital market, most complaints were related to medium-term notes.

Head of OJK Regional Office V Achmad Soekro Tratmono added that 194 reports have been received particularly in North Sumatra, comprised of 100 problems in banking, 66 problems in insurance, and the rest of the reports were of financing. Kusumaningtuti said that completion of those reports reached 67 percent as of to date since many of the reports have been handled by police and court.

She explained that, in handling consumer complaints, OJK tries so that cases are settled between consumers and the disputed companies, thereby the cases can be handled easily and also inexpensive. If both parties cannot find mutually beneficial resolution, OJK will help to mediate through existing Alternative Dispute Resolution.

Therefore, OJK expected that all professionals in financial services can comprehend various stipulations and process in consumer handling so that problems occurring between consumers and companies can be handled fast and mutually beneficial. Training on consumer protection such as this one is important to provide enrichment and tips about how to serve consumers well, and how to handle disputes between consumers and companies. OJK expected that such problems can be solved in each company, she said.

According to her, education and good protection of financial consumers will be very advantageous for financial industry development, since society will get more comprehension and trust in products and services of financial sector.

OJK Educates

Apart from training on Consumer Protection in Financial Services Sector, OJK also held another event named Regulator Educates at SMP Harapan 1 Medan junior high school. Kusumaningtuti gave education about finance to hundreds of students of 8th grade at the school. Deputy Commissioner IV for Banking Supervision Heru Kristiyana, Head of SMP Harapan 1 Medan Ojak Manurung and other high-ranking officials from OJK also attended the event.

Kusumaningtuti said that OJK with Culture and Elementary and Secondary Education Minister Anies Baswedan have published a book entitled Mengenal OJK dan Industry Jasa Keuangan (Knowing OJK and Financial Services Industry) on February 23 this year in Jakarta so that the book could be taught to all school throughout Indonesia. Additionally, OJK has also given trainings for teachers of both junior and senior high schools on teaching about the subject of OJK and financial sector.

Who have savings account? Kusumaningtuti asked to the students when interacting with them.

Tens of students raised their hands. Wow, so many of you. Well, if you have extra money, start saving it and plan for your financial needs. For those of you who have not, let`s start to open savings account, it`s easy, Kusumaningtuti said.

Head of SMP Harapan 1 Medan Ojak Manurung welcomed OJK at the school, considering that it was necessary to introduce financial matters to teenagers since early age in an effort to improve understanding about financial sector in society.

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