Implementation of Activities to Enhance Financial Literacy in the Financial Services Sector

To:
Directors/Managers of Financial Service Business Actors, whether conducting conventional or Sharia business activities, At your place.

COPY

CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 30/SEOJK.07/2017

CONCERNING
THE IMPLEMENTATION OF ACTIVITIES TO ENHANCE FINANCIAL LITERACY IN THE FINANCIAL SERVICES SECTOR

In view of the establishment of Financial Services Authority Regulation Number 76/POJK.07/2016 concerning the Enhancement of Financial Literacy and Inclusion in the Financial Services Sector for Consumers and/or the Public (State Gazette of the Republic of Indonesia Year 2016 Number 315 and Supplement to the State Gazette of the Republic of Indonesia Number 6003), it is necessary to regulate the implementation regarding the enhancement of Financial Literacy in the Financial Services Sector for Consumers and/or the Public in this Circular Letter of the Financial Services Authority, as follows:

I. GENERAL PROVISIONS

In this Circular Letter of the Financial Services Authority, the following terms are defined:

1. Financial Services Authority, hereinafter abbreviated as OJK, is an independent institution having the functions, duties, and authorities for regulation, supervision, examination, and investigation as referred to in Law Number 21 of 2011 concerning the Financial Services Authority.

2. Financial Service Business Actor, hereinafter abbreviated as PUJK, is a Universal Bank, Rural Bank, Securities Broker, Investment Manager, Financial Institution Pension Fund, Insurance Company, Financing Company, Venture Capital Company, Pawnshop Company, and Guarantee Company, whether conducting business activities conventionally or Sharia, based on applicable laws and regulations in the financial services sector.

3. Consumer is a party that places funds and/or utilizes available services at a PUJK, including but not limited to bank customers, capital market investors, insurance policyholders, and pension fund participants, based on applicable laws and regulations in the financial services sector.

4. Financial Literacy is knowledge, skills, and confidence that influence attitudes and behaviors to improve the quality of decision-making and financial management in order to achieve welfare.

5. Financial Education is a series of processes or activities to enhance Financial Literacy.

6. Business Plan is a written document describing the business activities of a PUJK, including plans to improve business performance, and strategies to realize such plans according to established targets and timeframes, while still observing prudential requirements and risk management application.

7. Financial Conglomeration is a PUJK that is part of one group or cluster due to ownership and/or control linkages.

II. OBJECTIVES OF FINANCIAL LITERACY

1. The objectives of Financial Literacy are:
   a. improved quality of individual financial decision-making; and b. changes in individual attitudes and behaviors in financial management to become better, so as to be able to determine and utilize financial service institutions, products, and services that are appropriate to the needs and capabilities of Consumers and/or the public in order to achieve welfare.

2. The achievement of national Financial Literacy objectives can be known through the implementation of surveys.

III. SCOPE OF EFFORTS TO ENHANCE FINANCIAL LITERACY

The scope of activities to enhance Financial Literacy involves the planning and implementation of:

1. Financial Education; and
2. the development of infrastructure supporting Financial Literacy for Consumers and/or the public.

IV. PRINCIPLES OF IMPLEMENTATION OF ACTIVITIES TO ENHANCE FINANCIAL LITERACY

1. The implementation of activities to enhance Financial Literacy is formulated by PUJK as an annual program conducted at least 1 (one) time in 1 (one) year.

2. The implementation of activities to enhance Financial Literacy is conducted based on the following principles:
   a. Planned and Measurable, the application of this principle is realized through activities with concepts appropriate to the targets, strategies, authority policies, and PUJK policies, and based on specific indicators to obtain information on the enhancement of Financial Literacy; b. Achievement-Oriented, the application of this principle is realized through activities to achieve the objectives of enhancing Financial Literacy by optimizing existing resources;
   c. Sustainable, the application of this principle is realized through activities conducted continuously to achieve planned objectives and having long-term aspects regarding the understanding of Consumers and/or the public concerning financial management, institutions, products, and/or financial services;
   d. Collaboration, the application of this principle is realized through the involvement of various stakeholders in the implementation of activities together, while considering the role of each PUJK.

V. FORMATION AND DUTIES OF FINANCIAL LITERACY FUNCTIONS OR UNITS

1. Formation of Financial Literacy Functions or Units
   a. Activities to enhance Financial Literacy are conducted by PUJK by forming a Financial Literacy function or unit. b. The Financial Literacy function or unit as referred to in letter a may be located within an existing work unit, except for risk management, internal audit, legal, and compliance units.
   c. The Financial Literacy function or unit as referred to in letter a must be led by an official at least one level below the Directors.
   d. The Financial Literacy function or unit is responsible to the Directors. e. In forming the function or unit as referred to in letter a, including integrated functions or units for Financial Conglomeration, it is conducted based on the independent assessment of the PUJK considering:

1. the amount of PUJK assets;
2. the number of PUJK offices;
3. the number of PUJK financial products and/or services;
4. the number of Consumers; and/or
5. the number of PUJK human resources.
   f. In the event that the parent company is not a PUJK as referred to in this OJK Circular Letter, the main entity of the Financial Conglomeration is the PUJK designated according to the agreement of the Financial Conglomeration. An example of the Financial Literacy function or unit organizational chart as contained in Appendix I, which is an integral part of this OJK Circular Letter.

2. Duties of the Financial Literacy Function or Unit
   The Financial Literacy function or unit has the following duties:
   a. compiling guidelines for the implementation of activities to enhance Financial Literacy, containing at least:

1. fulfillment of the principles of implementation of activities to enhance Financial Literacy, at least explaining the application of the principles as referred to in Roman numeral IV;
2. the preparation of plans and reports on activity plans to enhance Financial Literacy as referred to in Roman numeral VI number 1;
3. the implementation of activities to enhance Financial Literacy as referred to in Roman numeral VII; and
4. the preparation of reports on the realization of activities to enhance Financial Literacy as referred to in Roman numeral VIII number 2.
   b. planning activities to enhance Financial Literacy, conducted by:
5. analyzing various information including regarding the level of Financial Literacy, income levels, and/or the number and demographic composition of the public targeted by activities to enhance Financial Literacy;
6. conducting observations of areas to be the locations for implementing activities to enhance Financial Literacy;
7. preparing Financial Education materials appropriate to the financial needs of the targets of activities to enhance Financial Literacy or refining existing materials to be appropriate to the financial needs of the targets;
8. preparing cooperation with other parties;
9. determining the expected achievements from the implementation of activities to enhance Financial Literacy;
10. determining the forms and methods of activities to enhance Financial Literacy based on numbers 1) through 5); and
11. determining parameters and forms of monitoring and/or evaluation.
    c. implementing activities to enhance Financial Literacy while observing the application of principles as referred to in Roman numeral IV.
    d. conducting monitoring and evaluation of the implementation of activities to enhance Financial Literacy already conducted by PUJK, including the application of principles as referred to in Roman numeral IV, conducted by:
12. compiling and using monitoring forms that ensure activities to enhance Financial Literacy are conducted according to plan;
13. evaluating the process and impact of activities to enhance Financial Literacy;
14. identifying achievements, obstacles, and challenges in the implementation of activities to enhance Financial Literacy and compiling further improvement recommendations; and
15. compiling monitoring and evaluation reports on activities to enhance Financial Literacy.
    e. submitting reports on plans and realizations of activities to enhance Financial Literacy. f. providing input to business units conducting research and development of financial products and/or services to develop products and/or services appropriate to the needs and capabilities of Consumers and/or the public, which can be obtained based on the results of monitoring and evaluation of activities to enhance Financial Literacy. g. Other duties related to the implementation of activities to enhance Financial Literacy.

VI. PLANNING STAGE OF ACTIVITIES TO ENHANCE FINANCIAL LITERACY

1. Activity Plans to Enhance Financial Literacy.
   a. Preparation of Activity Plans to Enhance Financial Literacy

1. Activity plans to enhance Financial Literacy must contain:
   a) activity name; b) activity objectives; c) implementation forms; d) implementation methods; e) materials; f) targets and number of participants; g) schedule and implementation areas; h) implementation frequency; i) sources and amount of costs; j) measurement methods and tools; k) parameters and forms of monitoring and/or evaluation; and l) cooperation with other parties and the role of each party.
2. The roles as referred to in number 1) letter l) may include the provision of human resources, funds, and/or venues.
3. The Directors of PUJK assign the Financial Literacy function or unit to prepare activity plans to enhance Financial Literacy as referred to in number 1).
4. The Board of Commissioners of PUJK ensures that the Directors of PUJK have activity plans to enhance Financial Literacy as referred to in number 1).
5. The determination of activity plans to enhance Financial Literacy refers to the Financial Literacy strategy in the financial services sector issued by OJK.
   b. Submission of Reports on Activity Plans to Enhance Financial Literacy
6. The Directors are responsible for the content of the report on activity plans to enhance Financial Literacy.
7. The Directors ensure that the report on activity plans to enhance Financial Literacy is submitted to OJK according to applicable regulations.
8. In the event that there are regulations governing the Business Plans of PUJK, the report on activity plans is included in the Business Plan of PUJK.
9. The inclusion of the report on activity plans as referred to in number 3) is contained in a separate section in the Business Plan of PUJK.
10. The report on activity plans is submitted to OJK according to regulations governing the reporting of Business Plans for each PUJK.
11. In the event that PUJK is part of a Financial Conglomeration, the report on activity plans must be submitted to OJK by each PUJK.
12. In the event that there are no regulations governing the reporting of Business Plans of PUJK, the report on activity plans is submitted to OJK no later than November 30 before the year in which activities to enhance Financial Literacy are implemented.
13. In the event that the deadline for submitting the report on activity plans as referred to in number 7) falls on a holiday, the report is submitted no later than 1 (one) working day thereafter.
14. The report on activity plans as referred to in letter a number 1) is submitted to OJK, specifically the work unit in the field of supervision according to the industry of each respective PUJK, with a copy to the work unit in the field of education and consumer protection that has the function of coordinating literacy, information, and education activities, as well as enhancing and developing financial inclusion for consumers, the financial services industry, and the public.
15. The submission of copies as referred to in number 9) is conducted through the electronic reporting system provided by OJK.
16. In the event that the submission of copies of reports on activity plans to enhance Financial Literacy through the electronic reporting system as referred to in number 10) experiences difficulties, the submission is conducted via letter to the work unit in the field of education and consumer protection that has the function of coordinating literacy, information, and education activities, as well as enhancing and developing financial inclusion for consumers, the financial services industry, and the public.
    The form of the report and the procedure for filling out the report are in accordance with the format contained in Appendix II, which is an integral part of this OJK Circular Letter.
    c. Adjustment/Modification of Reports on Activity Plans to Enhance Financial Literacy
17. Adjustments/modifications to reports on activity plans to enhance Financial Literacy may be conducted based on:
    a) requests from OJK; and/or b) initiatives from PUJK.
18. Adjustments to reports on activity plans to enhance Financial Literacy based on requests from OJK as referred to in number 1) letter a) are submitted at:
    a) times as regulated in regulations concerning the Business Plans of PUJK; or b) no later than 20 (twenty) working days after the date of the OJK request letter in the event that there are no regulations governing the Business Plans of PUJK.
19. Modifications to reports on activity plans to enhance Financial Literacy based on PUJK initiatives as referred to in number 1) letter b) observe:
    a) the submission of modifications is conducted:
    (1) in accordance with regulations concerning the Business Plans of PUJK; or (2) in the event that there are no regulations governing modifications to Business Plans of PUJK, modifications to the report are submitted no later than 20 (twenty) working days before the implementation of activities and do not exceed June 30 of the current year; and b) in the event that there are no regulations governing the number of modifications to Business Plans of PUJK, PUJK may modify reports on activity plans to enhance Financial Literacy at most 1 (one) time for 1 (one) reporting period.
20. Adjustments/modifications to reports on activity plans as referred to in number 1) are submitted to OJK, specifically the work unit in the field of supervision according to the industry of each respective PUJK, with a copy to the work unit in the field of education and consumer protection that has the function of coordinating literacy, information, and education activities, as well as enhancing and developing financial inclusion for consumers, the financial services industry, and the public.
21. The submission of copies as referred to in number 4) is conducted through the electronic reporting system provided by OJK.
22. In the event that the submission of copies of adjustments/modifications to reports on activity plans to enhance Financial Literacy through the electronic reporting system as referred to in number 5) experiences difficulties, the submission of copies of reports is conducted via letter to the work unit in the field of education and consumer protection that has the function of coordinating literacy, information, and education activities, as well as enhancing and developing financial inclusion for consumers, the financial services industry, and the public.

2. Measurement of Planning for Activities to Enhance Financial Literacy
   a. When planning activities to enhance Financial Literacy, PUJK determines methods and tools for measurement to know the output and/or outcome of activities to enhance Financial Literacy. b. Measurement methods for activities to enhance Financial Literacy as referred to in letter a include:

1. measurement methods comparing results before and after the implementation of activities to enhance Financial Literacy (pre-test and post-test);
2. measurement methods through surveys for specific segments, particularly internet users, which can be conducted online via websites or other electronic media. Survey topics include benefits, ease of understanding materials, or suitability with targets;
3. measurement methods to determine the level of individual/group Financial Literacy through surveys;
4. measurement methods observing the completion of infrastructure development/construction;
5. measurement methods through conformity tests for the development/construction of infrastructure for specific targets; and/or
6. other measurement methods adjusted to the forms of activities to enhance Financial Literacy.
   c. Measurement tools for activities to enhance Financial Literacy as referred to in letter a can be conducted in writing, via electronic media, and/or via online systems.

3. Parameters and Forms of Monitoring and/or Evaluation of Activity Plans to Enhance Financial Literacy
   a. When planning activities to enhance Financial Literacy, PUJK determines monitoring parameters and forms as measures and tools to see and ensure that the implementation of activities to enhance Financial Literacy will proceed according to the prepared plans. Monitoring parameters and forms observe:

1. monitoring parameters, including the suitability of activity forms, materials, targets, number of Financial Education participants, stages, and the implementation of infrastructure development frameworks; and/or
2. monitoring forms, including direct visits during the implementation of activities.
   b. When planning activities to enhance Financial Literacy, PUJK determines evaluation parameters and forms as measures and tools to know and assess the level of success of activities to enhance Financial Literacy, regarding materials, infrastructure, and implementation in providing expected impacts and being implemented efficiently, as well as part of refining policies related to financial products and/or services. Evaluation parameters and forms observe:
3. evaluation parameters, including increased knowledge, skills, confidence, attitudes, and behaviors of Financial Education participants towards institutions, products, and/or financial services, infrastructure availability, and the suitability of infrastructure functions with infrastructure development objectives.
4. evaluation forms, including:
   a) observing administrative data such as activity reports, implementation documentation, and/or interview results of participants and/or activity staff; b) observing data and reports from previous periods to know trends and patterns; c) conducting success/achievement analysis through comparisons between planning and realization of activities; d) analyzing information regarding the suitability of activities to enhance Financial Literacy with determined targets; and e) analyzing other monitoring results (if any).
   c. Monitoring and evaluation are conducted on both the process and impact of activities to enhance Financial Literacy. The results of monitoring and/or evaluation of activities to enhance Financial Literacy can be utilized in planning and implementing activities to enhance Financial Literacy in the following year.
   d. Monitoring of the activity process as referred to in letter c includes recording the output of each activity to enhance Financial Literacy or output at each stage of the activity series. e. Monitoring of the impact as referred to in letter c includes recording the outcome of each activity to enhance Financial Literacy conducted by PUJK. f. Evaluation of the process as referred to in letter c aims to:
5. know and assess activities that have occurred;
6. know the suitability of activity realization with the objectives of activities to enhance Financial Literacy;
7. know the suitability of time between planning and the realization of activities to enhance Financial Literacy;
8. know the suitability of activity implementation forms for activities to enhance Financial Literacy;
9. know the quality of personnel implementing activities, and/or other parties in cooperation (if any);
10. know the suitability of activities to enhance Financial Literacy with determined targets;
11. know other matters related to the implementation of activities to enhance Financial Literacy; and
12. know recommendations for activities to enhance Financial Literacy.
    g. Evaluation of the impact as referred to in letter c aims to:
13. know and assess whether implemented activities provide impacts on changes in knowledge, skills, confidence, attitudes, and/or behaviors of participants;
14. know the overall impact of activities to enhance Financial Literacy on participants;
15. know the impact of specific aspects in the implementation of activities to enhance Financial Literacy. Specific aspects refer to activity forms, delivery methods, or materials regarding the enhancement of participants' Financial Literacy, so that PUJK obtains information appropriate to the needs of activity targets; and
16. know the impact of activities to enhance Financial Literacy on participants from various public segments.

VII. IMPLEMENTATION STAGE OF ACTIVITIES TO ENHANCE FINANCIAL LITERACY

1. Implementation of Activities to Enhance Financial Literacy
   a. Activities implemented to enhance Financial Literacy consist of:

1. activities explaining financial products and/or services without mentioning specific product and/or service brands and/or specific PUJKs delivered to Consumers and/or the public other than employees and marketing personnel of the respective PUJK; and/or
2. the development of infrastructure supporting Financial Literacy for Consumers and/or the public.

b. Activities aimed at transparency in the form of marketing, including:

1. selling or promoting the use of specific financial services product and/or service brands; and
2. promoting the use of specific financial services products and/or services from a PUJK,
   are not considered activities aimed at enhancing Financial Literacy.

c. Activities in the form of social assistance may be considered as implementation of activities aimed at enhancing Financial Literacy, provided that such activities are conducted in accordance with the principles referred to in Roman numeral IV and that monitoring and evaluation of such activities are carried out.

d. Activities aimed at enhancing Financial Literacy are conducted in the form of:

1. Financial Education, which includes:
   a) Socialization, a form of Financial Education activity involving socialization, aimed at disseminating information so that it can be known and understood by Consumers and/or the public; b) Workshop, a form of Financial Education activity involving workshops, conducted through training that provides understanding by delivering Financial Education material in more detail, accompanied by practice of the material delivered; c) Consultation, a form of Financial Education activity involving consultation, conducted with Consumers and/or the public by exchanging ideas to obtain information, advice, and input regarding financial institutions, products, and/or financial services that are appropriate to needs and capabilities. The implementation of such consultation may cover all Financial Education material and is conducted free of charge.

Consultation may be provided to individuals or groups of the public, while still considering the conditions, backgrounds, and needs of Consumers and/or the public. Consultation conducted by customer service or in the context of marketing financial services products and/or services from a PUJK as part of business processes is not included in the consultation referred to in this OJK Circular; d) Mentoring, a form of Financial Education involving mentoring to Consumers who have micro or small businesses, aimed at enhancing Consumers' skills related to financial management and the use of financial services products and/or services. The mentoring mechanism is as follows:
(1) The PUJK may determine Consumers or groups of Consumers who have micro or small businesses requiring mentoring; (2) the mentoring personnel determined by the PUJK must have at least knowledge of financial institutions, products, and financial services, as well as financial management capabilities; (3) the mentoring personnel determined by the PUJK have the task of enhancing financial management capabilities or improving Consumers' decision-making capabilities in managing finances; (4) mentoring is conducted for at least 3 (three) months; (5) if, based on PUJK monitoring, Consumers still require mentoring, the PUJK may extend the mentoring duration; and (6) the PUJK assesses Consumers' financial management capabilities before and after the implementation of mentoring. The assessment results are submitted to the OJK when submitting the realization of activities aimed at enhancing Financial Literacy; e) Simulation, a form of Financial Education activity involving simulation, conducted through demonstration methods in the form of replicas that resemble actual interaction conditions. The use of financial calculators is one form of Financial Education in the form of simulation. Simulations may be conducted individually or collectively, while still considering the varying conditions and backgrounds of individual participants; f) Training of Community (ToC), a form of Financial Education activity involving training of community (ToC), conducted by providing trainers who have been trained by the PUJK to a specific community to provide understanding regarding financial management, financial products and services, and financial institutions, as well as behavioral changes through monitoring and mentoring; g) Outreach Program, a form of Financial Education activity involving outreach programs, aimed at enhancing knowledge, beliefs, and skills, as well as changing attitudes and financial behaviors of community groups that are the target participants of the outreach program. This outreach program activity is conducted by delivering Financial Education material continuously for a certain period for 1 (one) program and periodic monitoring for a certain duration;

h) Other Activities, to enhance Financial Literacy, may also take the form of exhibitions of financial services products and/or services accompanied by information related to Financial Education.
2) Infrastructure development to enhance Financial Literacy, which includes:
a) compilation and establishment of a database of Financial Education materials; b) provision of human resources through:
(1) Training of Trainer (ToT), the implementation of ToT is an activity for prospective trainers to be able to present the material obtained during training to their community or the general public. The implementation of ToT also includes direct practice of the material delivered; (2) Training of Facilitator (ToF), the implementation of ToF is an activity for prospective facilitators to be able to present the material obtained during training to their community or the general public, and to be able to facilitate the community to access financial services products and/or services appropriate to the needs and capabilities of the relevant community; and/or (3) construction and/or development of information and communication technology facilities supporting Financial Education, which may include e-learning, websites, mobile applications, and/or financial calculators.

e. Methods of activities aimed at enhancing Financial Literacy may be conducted directly or indirectly, through specific media (electronic, print, and/or others). Methods conducted directly (live) are carried out through face-to-face activities with or without the use of electronic facilities, including live activities using electronic facilities to deliver material in the form of voice or text and which can be responded to directly.

f. The implementation of activities aimed at enhancing Financial Literacy for Consumers and/or the public is adjusted to the capabilities of the PUJK.

g. The implementation of activities aimed at enhancing Financial Literacy may be conducted in cooperation with other parties.

h. Other parties as referred to in letter g include authorities, other PUJK, PUJK associations, government agencies, researchers, academics, business entities, organizations, non-governmental organizations, and/or communities, both from within and outside the country.

Examples of the implementation of activities aimed at enhancing Financial Literacy are contained in Appendix III, which is an integral part of this OJK Circular.

2. Financial Education Material
   a. The implementation of Financial Education is carried out by delivering Financial Education material.

b. Financial Education material is compiled by considering the financial literacy strategy in the financial services sector issued by the OJK.

c. Financial Education material as referred to in letter a must at least include information regarding:

1. financial management;
   financial management material is adjusted to the target of Financial Education, which includes:
   a) identification of personal/company financial health; b) financial management objectives; c) stages in financial management; d) recording of owned assets/wealth; e) recording of income and expenses (budgeting), including taxation, identification of income and regular/non-regular monthly/annual expenses; and/or f) planning programs for future financial objectives,

2. types of financial services industries;
   types of financial services industries include banking, capital markets, insurance, pension funds, financing institutions, guarantee institutions, and pawnshops,

3. financial services products and/or services, including their characteristics, consisting of:
   a) benefits, costs, and risks of financial services products and/or services, including the calculation of interest/profit-sharing rates, profits, inflation, and risk diversification methods; b) consumer rights and obligations; c) methods to access or obtain financial services products and/or services; d) information related to the transaction mechanisms of financial services products and/or services; e) mechanisms for handling complaints and dispute resolution; and

4. taxation related to financial services products and/or services.

d. All Financial Education material as referred to in letter c may be delivered in 1 (one) activity or a series of activities, except for Financial Education activities in the form of simulation and consultation.

e. In the event that Financial Education material is delivered in 1 (one) series of activities, the target of such Financial Education must be the same participants.

f. The procedure for delivering Financial Education material to Consumers and/or the public is compiled and adjusted by considering the target and implementation area of the Financial Education activity.

VIII. EVALUATION STAGE OF ACTIVITIES AIMED AT ENHANCING FINANCIAL LITERACY

1. Evaluation of the Implementation of Activities Aimed at Enhancing Financial Literacy
   a. The PUJK conducts an evaluation of the implementation of activities aimed at enhancing Financial Literacy, both regarding the implementation of activities and related processes as referred to in Roman numeral VI number 3 letter b number 2).

b. The results of the evaluation of the implementation of activities aimed at enhancing Financial Literacy are used as a tool to know and assess the progress of the success level of activity implementation each year.

c. The results of the evaluation of the implementation of activities aimed at enhancing Financial Literacy as referred to in letter b must contain:

1. activity evaluation results as referred to in Roman numeral VI number 3 letter b number 2);
2. comparison of the implementation of activities aimed at enhancing Financial Literacy previously with plans and realization each year;
3. achievement of established objectives and unachieved items (if any), including explanations; and
4. difficulties encountered and efforts to overcome such difficulties, as well as mitigation of similar difficulties in the following year.

d. The results of activity evaluation as referred to in letter c may also include recommendations for improving policies related to financial services products and/or services.

2. Realization Report of Activities Aimed at Enhancing Financial Literacy
   a. Compilation of Realization Report of Activities Aimed at Enhancing Financial Literacy

1. The realization report of activities aimed at enhancing Financial Literacy must contain:
   a) name of the activity; b) activity objectives; c) form of implementation; d) implementation method; e) material; f) target and number of participants; g) schedule and implementation area; h) frequency of implementation; i) source and amount of costs; j) measurement method and facilities; k) parameters and forms of monitoring and/or evaluation; l) measurement results; m) monitoring and/or evaluation results; and n) participation of other parties. The report format and instructions for filling out the report are in accordance with the format in Appendix IV, which is an integral part of this OJK Circular.

2. The Board of Directors of the PUJK assigns the Financial Literacy function or unit to compile the realization report of activities aimed at enhancing Financial Literacy as referred to in number 1).

3. The Board of Directors is responsible for the content of the realization report of activities aimed at enhancing Financial Literacy.

4. The Board of Commissioners of the PUJK ensures that the Board of Directors of the PUJK implements the activity plan aimed at enhancing Financial Literacy as referred to in Roman numeral VI number 1.

b. Submission of Realization Report of Activities Aimed at Enhancing Financial Literacy

1. The Board of Directors ensures that the realization report of activities aimed at enhancing Financial Literacy is submitted to the OJK.

2. In the event that there are regulations regarding the realization report of the PUJK Business Plan, the realization report is included in the realization report of the PUJK Business Plan.

3. The inclusion of the realization report as referred to in number 2) is contained in a separate section in the realization report of the PUJK Business Plan.

4. The realization report is submitted to the OJK in accordance with regulations regarding the reporting of the realization of the Business Plan for each respective PUJK.

5. In the event that there are no regulations regarding the realization report of the PUJK Business Plan, the realization report is submitted to the OJK no later than January 30 of the following year.

6. In the event that the deadline for submitting the realization report as referred to in number 5) falls on a holiday, the realization report is submitted no later than 1 (one) working day thereafter.

7. The realization report of activities is submitted to the OJK c.q. the operational unit in the field of supervision in accordance with the industry of each respective PUJK, with a copy to the operational unit in the field of education and consumer protection that has the function of coordinating literacy, information, and education activities, as well as enhancing and developing financial inclusion for consumers, the financial services industry, and the public.

8. The submission of copies as referred to in number 7) is conducted through the electronic reporting system provided by the OJK.

9. In the event that the submission of the realization report of activities aimed at enhancing Financial Literacy through the electronic reporting system as referred to in number 8) experiences difficulties, the submission of the report is conducted via letter to the operational unit in the field of education and consumer protection that has the function of coordinating literacy, information, and education activities, as well as enhancing and developing financial inclusion for Consumers, the financial services industry, and the public.

IX. TRANSITIONAL PROVISIONS

1. Plans for activities aimed at enhancing Financial Literacy that have been submitted prior to this OJK Circular remain subject to OJK Circular Number 1/SEOJK.07/2014 regarding the Implementation of Education to Enhance Financial Literacy for Consumers and/or the Public.

A copy of this is consistent with the original Legal Director 1 Legal Department signed Yuliana

2. Realization reports of plans for activities aimed at enhancing Financial Literacy as referred to in number 1 are adjusted to regulations regarding realization reports as referred to in this OJK Circular.

X. CLOSING PROVISIONS

Provisions in this OJK Circular take effect on December 28, 2017.

Established in Jakarta on June 20, 2017
MEMBERS OF THE BOARD OF COMMISSIONERS
FOR EDUCATION AND CONSUMER PROTECTION
FINANCIAL SERVICES AUTHORITY, signed
KUSUMANINGTUTI S. SOETIONO