Alfida Rizky Febrianna, Jakarta – Presidential candidate Prabowo Subianto calls for the Financial Services Authority (OJK) to bolster consumer and investor protection services.
Dradjad Wibowo, a member of the economic team for Prabowo Subianto and Gibran Rakabuming Raka, outlined the candidate's direction of investment policies in a discussion titled "Investment Policy and Capital Market Direction 2024-2029".
"OJK must be proactive and assertive. Based on my interactions with Bank Indonesia (BI) and OJK, their early detection is commendable, but their assertiveness in taking action is far from satisfactory," he said on Monday.
He said that OJK has yet to exhibit sufficient assertiveness in addressing consumer protection-related cases, leading to a backlog of unresolved issues. As a solution, Prabowo-Gibran aims to enhance and streamline these processes.
"Concerning investor protection, OJK carries out dual functions as an industry authority and a consumer or investor protection authority," he said.
As of October 2023, OJK has resolved 115 criminal cases in the financial services sector since 2016. Some of the cases handled by the OJK include those involving Asuransi Jiwa Adisarana Wanaartha (Wanaartha Life), Asuransi Jiwa Kresna (Kresna Life), and Asuransi Jiwa Bersama Bumiputera
Drawing comparisons with the United States, where financial oversight bodies are distinct from consumer protection agencies (e.g., the Securities and Exchange Commission and Consumer Financial Protection Bureau), Dradjad highlighted the need for a stronger emphasis on consumer or investor protection.
"I'm not suggesting OJK should be separated. OJK itself already encompasses investor and consumer protection roles," he clarified.
Dradjad said that Prabowo-Gibran's focus also includes refining OJK's roadmap to prevent Indonesia from falling into the middle-income trap as it works towards achieving Indonesia's goal to become a high-income country by 2045.
"Key aspects to reinforce include credibility, compliance, rule enforcement, prudence, standardization (and accreditation), intelligence, early detection, auditing, certification, transparency, and sustainable ratings," he elaborated.
Furthermore, Dradjad addressed the high-risk nature of finance influencers on social media. He emphasized the need for regulation and certification, a code of conduct, and sanctions.