Commission XI Chairman Reminds New OJK Board Must Prioritise Consumer Protection

JAKARTA – Commission XI of the Indonesian House of Representatives has reaffirmed its commitment to overseeing the performance of the Board of Commissioners of the Financial Services Authority (OJK) for the 2026–2031 period.

Mukhamad Misbakhun, head of Commission XI, stated that the legislature’s role does not end with the selection of commissioners. The oversight function is also the responsibility of the legislative body.

“The House not only selects, but will also provide oversight,” said Misbakhun in an official statement on Friday (13 March 2026).

Misbakhun assessed that global risks and digital transformation in the financial sector are becoming increasingly complex. This situation makes OJK’s responsibilities heavier going forward.

Developments in financial technology, consumer protection, and the dynamics of the financial industry are among the challenges that must be addressed.

“Our financial services industry is no longer small. The scale of oversight is large and the risks are increasingly complex,” Misbakhun noted.

The growth of the digital financial sector has also drawn attention. Online lending, crypto assets, and financial technology innovations have developed rapidly in recent years.

Oversight is deemed necessary to balance innovation with risk management.

Consumer protection is also considered a primary focus. The level of financial literacy among Indonesian citizens remains around 50 per cent.

This situation makes the public vulnerable to risky financial products. Complaints from the public regarding illegal online loans and high-risk investments still frequently emerge.

“If our financial literacy is not evenly distributed, then regulators must not fall behind business actors. Education must be aggressive, oversight must be progressive, and consumer protection must be tangible,” said Misbakhun.

“The financial market is very sensitive to trust. The OJK must ensure strong governance, consistent oversight, and clear policy communication,” Misbakhun added.

“If trust is strong, the market will be stable. If trust wavers, pressure can come from anywhere,” he further stated.