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OJK applies intelligence-style supervision
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The front of the Financial Services Authority (OJK) building is seen in Jakarta. (KONTAN/*)
T
he Financial Services Authority (OJK) is implementing intelligence-style supervision as part of efforts to ensure that industry players adhere to financial service standards for customers.
OJK consumer protection department head Anto Prabowo said the measure was taken in response to customers’ complaints regarding financial services, along with investigations into violations.
"Our teams interact directly with financial service providers, so we get information onsite. We set up field operation guidelines just like those applied in the intelligence world, with mystery shopping where our officers pretend to buy insurance products," he said as quoted by kompas.com in Bogor on Saturday.
Though the supervision unit was formed in 2013, he continued, it was formally coordinated under a new dedicated directorate from last year. With the intelligence-like supervision system, the OJK can monitor businesses closely.
However, Anto called on consumers to be more outspoken and active in questioning financial products before buying them, to minimize risks. "They have to be more critical, while the agents must explain the details of the products more comprehensively," he said. (ags)
