OJK expands financial services’ consumer protection regulation

The Financial Services Authority ("OJK") recently issued Circular Letter No. 2/SEOJK.07/2014 on Services and the Settlement of Complaints from Consumers of Financial Service Businesses ("Circular Letter") to implement OJK Regulation No. 1/POJK.07/2013 on Consumer Protection in the Financial Services Sector ("Regulation").

The Circular Letter provides further details on the following:

1. consumer complaint settlement mechanisms and possible settlement of complaints methods;
2. the procedure for the establishment of the financial service provider's dispute resolution unit;
3. human resource training relevant to consumers and the settlement of disputes with consumers;
4. internal control measures to identify possible defects in the consumer complaint settlement mechanism; and