OJK Proposes Criminal Penalties for Finfluencers in P2SK Law Revision
The Financial Services Authority (OJK) has proposed criminal penalties against financial influencers (finfluencers) who convey inaccurate financial information as part of the revision to the Law on the Development and Strengthening of the Financial Sector (P2SK). This means there will be a specific article regulating the matter.
OJK Commissioner Chair Friderica Widyasari Dewi presented this proposal during a Public Hearing (RDPU) by the Working Committee on the Bill to Amend Law Number 4 of 2023 on P2SK yesterday.
“We request consideration for the inclusion of an article regulating criminal norms and penalties against parties who provide untrue information related to financial products, services, and/or instruments, or those carried out by what we know as financial influencers,” said Friderica in Jakarta, quoted on Thursday, 7 April 2026.
Friderica explained that regulations for finfluencers need to be elevated to the level of law. This is important because currently, strong provisions only exist in the capital markets sector.
The Capital Markets Law itself, according to her, already regulates criminal penalties for parties who provide untrue information that causes losses to others. Meanwhile, other financial services sectors still require explicit strengthening of regulations.
On that occasion, OJK also proposed strengthening the Indonesia Anti-Scam Center (IASC) at the law level, including affirming the role of the task force handling financial transaction frauds.
Thus, said Friderica, the refinement of these provisions is essentially part of efforts to strengthen the financial services sector, maintain financial system stability, and ensure that institutional governance and the national financial market infrastructure become healthier, more credible, and competitive.
“We in principle support further discussions on the amendment to the P2SK Law, so that it can produce better, balanced regulations that provide optimal benefits for the financial services sector and, of course, for the national economy,” said Friderica.
Previously, OJK on various occasions has expressed plans to regulate finfluencer behaviour.
Friderica stated that such regulations are necessary given the significant influence influencers have on social media regarding the public’s financial decisions, without diminishing the potential of finfluencers in expanding educational outreach to the community.