OJK Regulation Number 3 of 2025 on the Management of Professional Certification Bodies in the Financial Services Sector

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Sector: OJK Wide

Sub-Sector: Other Regulations

Regulation Type: OJK Regulation

Regulation Number: 3 of 2025

Effective Date: 2/20/2025

Appendix 1 POJK 3 of 2025 Management of Professional Certification Bodies in the Financial Services Sector.pdf Abstract POJK 3 of 2025 Management of Professional Certification Bodies in the Financial Services Sector.pdf FAQ POJK 3 of 2025 Management of Professional Certification Bodies in the Financial Services Sector.pdf

Page Content Financial Services Authority Regulation Number 3 of 2025 on the Management of Professional Certification Bodies in the Financial Services Sector

Abstract: To achieve sustainable, stable, and contributive Financial Institutions, competent and innovative human resources are required. One effort made to enhance such competence is by formulating the competency standards required for Human Resources in the Financial Services Sector (HRFS).

Subsequently, these competency standards are implemented through Professional Certification, specifically for certain mandatory positions/professions. The implementation of certification is conducted by Professional Certification Bodies (LSP) operating in the financial services sector and registered with the Financial Services Authority, as previously regulated in OJK Regulation Number 11/POJK.02/2021 concerning the Management of LSP in the Financial Services Sector.

To implement competency standards in line with the mandate of statutory regulations and to meet the needs for developing the quality of HRFS, it is necessary to refine the regulations regarding the management of LSP in the Financial Services Sector. This aims to strengthen the ecosystem of sustainable Professional Certification in the financial services sector.

Furthermore, the refinement of regulations in this OJK Regulation aims to strengthen the application of LSP governance through monitoring and evaluation of LSPs, provide guidelines and instructions for LSPs in submitting recommendations and registrations, and fulfill obligations to the Financial Services Authority. It also encourages LSPs to conduct Professional Certification that aligns with the current needs and developments of the financial services industry, and provides guidelines and instructions to the financial services industry in developing human resources through Professional Certification.

The legal basis for this OJK Regulation is: Law Number 21 of 2011 as amended by Law Number 4 of 2023; and Law Number 4 of 2023.

This OJK Regulation regulates, among other things: a. The application of National Competency Standards (SKKNI) and National Qualifications Framework (KKNI) as references in Professional Certification; b. LSP Institutional aspects, including the legal entity form of LSP, establishment and ownership of LSP, and the organizational structure of LSP management; c. Issuance of Recommendations, including the mechanism for the Financial Services Authority to issue recommendations to LSPs through the application process and fulfillment of requirements; d. LSP Registration, including the registration process that LSPs intending to implement Professional Certification programs in the financial services sector must undergo, including the requirements to be met; e. Obligations and prohibitions for LSPs registered with the Financial Services Authority in the implementation of certification, including the submission of periodic and incidental reports; f. Monitoring and evaluation of LSPs regarding the fulfillment of obligations and the performance of registered LSPs. Monitoring and evaluation are conducted based on LSP reports, findings from BNSP surveillance results and/or the Financial Services Authority's needs regarding LSP performance, including the imposition of sanctions for violations committed by LSPs; g. Administrative sanctions for LSPs for violations of obligations and prohibitions regulated in this OJK Regulation, including written reprimands, cancellation of recommendations, and cancellation of registration status.

Notes: This OJK Regulation takes effect on the date of promulgation. This OJK Regulation was promulgated on February 20, 2025, and established on February 6, 2025. Upon the effective date of this OJK Regulation, OJK Regulation Number 11/POJK.02/2021 is repealed and declared invalid. LSPs that have been registered with the Financial Services Authority prior to the effective date of this OJK Regulation must adjust: a. the provisions in Article 6, Article 7, and Article 9 within a maximum period of 3 (three) years from the effective date of this OJK Regulation; b. testing methods, at least including interviews, portfolio assessments, and written examinations, within a maximum period of 2 (two) years from the effective date of this OJK Regulation; c. possess certification deepening material books as preparation materials for competency tests within a maximum period of 1 (one) year from the effective date of this OJK Regulation.