OJK Vows No Hesitation in Taking Action Against Financial Service Providers Harming Consumers

The Chairperson of the Board of Commissioners of the Financial Services Authority (OJK), Friderica Widyasari Dewi, has asserted that the agency will not hesitate to take action against financial service providers that harm their consumers and disrupt the integrity of the sector. “We will continue to strengthen risk-based supervision, enhance coordination with law enforcement officials, and accelerate responses to cases that have the potential to or have already harmed consumers and the public,” she said in Jakarta on Thursday. According to her, law enforcement against financial service businesses that harm consumers will continue to be carried out so that the sector maintains its integrity. She acknowledged that action against companies that harm their consumers, such as PT Asuransi Jiwa Prolife, formerly known as PT Asuransi Jiwa Indosurya Sukses, will continue. This is to ensure the public is protected when accessing insurance or financial services. “So for other cases, we have not conveyed them here; there may be many questions from the public, but the OJK is not remaining silent. We will certainly convey them when it is possible,” she said. She stated that the OJK continues to encourage improvements in the governance of the financial services industry, particularly insurance, so that the sector becomes stronger, healthier, more transparent, and provides real benefits to the public. “Handling this case is not just about one legal matter; more than that, it is proof of the OJK’s major effort, in cooperation with other law enforcement agencies, to build a trustworthy financial services sector, because trust is the main capital of the financial services industry,” she added. PT Asuransi Jiwa Prolife was proven to have harmed its consumers by using customer funds for personal gain. Based on the investigation results, the case involved alleged neglect or obstruction of the implementation of OJK authority during the 2020 to 2023 period, as well as the alleged failure to comply with a 2023 OJK written order to pay compensation to consumers amounting to IDR 566.24 billion. Consequently, the OJK seized and secured 485 pieces of evidence, with the total value of assets seized and secured reaching IDR 113.97 billion.