Regulatory AlertsSelf-Assessment of Compliance with Consumer and Community Protection Provisions in the Financial Services Sector
The Financial Services Authority (OJK) issued Circular Letter No. 18/SEOJK.08/2024 to implement Article 87(4) of POJK No. 22 of 2023 regarding consumer and community protection in the financial services sector. This regulation establishes the procedural framework for financial service business actors to conduct self-assessments of their compliance with protection provisions, including the specific format, technical guidelines, and submission requirements for the resulting reports. The circular mandates that responsible parties submit these standardized self-assessment reports to the OJK as an integral part of ongoing regulatory compliance.
Financial Services Authority Circular Letter of the Republic of Indonesia Number 18/SEOJK.08/2024 concerning Self-Assessment of Compliance with Consumer and Community Protection Provisions in the Financial Services Sector.
Abstract: The OJK Circular Letter concerning Self-Assessment of Compliance with Consumer and Community Protection Provisions in the Financial Services Sector is drafted to implement the mandate of Article 87 paragraph (4) of Financial Services Authority Regulation Number 22 of 2023 concerning Consumer and Community Protection in the Financial Services Sector. This OJK Circular Letter provides implementation guidelines regarding self-assessment of compliance with consumer and community protection provisions in the financial services sector.
Legal Basis of this Financial Services Authority Circular Letter (SEOJK): POJK Number 22 of 2023.
This OJK Circular Letter regulates self-assessment of compliance with consumer and community protection provisions in the financial services sector, including: a. the form and preparation of the self-assessment report; b. the submission of the self-assessment report; c. the person responsible for the report; and d. the procedure for submitting the self-assessment report.
Note: This Financial Services Authority Circular Letter takes effect on the date it is established, namely December 10, 2024.
Financial service business actors submit the self-assessment report results in accordance with the standard format and technical guidelines in the Working Paper attached as an integral part of this OJK Circular Letter.
Attachment: 117 pages.