No. 23/96/DKom
Bank Indonesia continues
to strengthen the consumer protection ecosystem in Indonesia amidst the
challenge of rapid digital financial innovation. This has been achieved by reforming consumer
protection regulations through Bank Indonesia Regulation (PBI) No.
22/20/PBI/2020 concerning Bank Indonesia Consumer Protection, effective from 22nd
December 2020. The regulatory reform
also supports the annual National Consumer Day, announced by the Government for
20th April. Those were the
key topics discussed at the virtual socialisation activity for the Bank
Indonesia Consumer Protection Regulation today (11/04). BI Deputy Governor, Doni P. Joewono, took the
opportunity to express the need for support and cooperation from all relevant
parties to create a solid consumer protection ecosystem in Indonesia. A solid and trusted consumer protection
function will, in turn, support financial system stability and accelerate national
economic growth.
Deputy Governor Doni
went on to explain three reasons why Bank Indonesia has reformed its consumer
protection regulation. First, the need
for harmonious consumer protection regulations across all public institutions,
including Bank Indonesia. Second,
commitment to consumer protection creates consumer confidence and market
confidence as critical aspects of maintaining financial system stability to
drive strong and sustainable growth.
Third, establishing consumer protection in line with best international
practices.
Strengthening consumer
protection is the joint responsibility of all relevant authorities and
regulators, thus necessitating synergy between government ministries and
departments to support the National Consumer Protection Strategy (STRANAS-PK)
announced by the Government in 2017.
Bank Indonesia is an active participant of the National Consumer
Protection Strategy, particularly in terms of Trading Through Electronic
Systems (TPMSE) and the Financial Services Sector. Bank Indonesia also cooperates with
government ministries/departments to offer a Consumer Protection Portal in
accordance with a Memorandum of Understanding (MoU) concerning consumer
complaint resolution and plays an active role in the National Financial Inclusion
Strategy.
Consumer protection
regulatory reform by Bank Indonesia includes adjusting the purview of consumer
protection, which was previously limited to the payment system yet now covers
all tasks and responsibilities of Bank Indonesia in accordance with prevailing
laws, namely the monetary sector, macroprudential sector and payment
system. The regulatory reforms are part
of Bank Indonesia's commitment to support national consumer protection policy
by applying relevant policies in line with international best practices. Consumer protection policy was also
strengthened to help balance the relationship between providers and consumers,
as well as address the challenges posed by financial innovation and the digitalisation
of financial products and/or services and the payment system.
Jakarta, 12th
April 2021
Head of Communication Department
Erwin Haryono
Executive Director
Information about Bank
Indonesia
Tel. 021-131, Email: bicara@bi.go.id
