OJK Receives 14,000 Consumer Complaints in the First Half of 2024, Fintech Leading the Way

The Financial Services Authority (OJK) reported 14,052 consumer complaints received through the Consumer Protection Portal Application (APPK) between January 1 and June 30, 2024.

The majority of complaints originated from the financial technology (fintech) sector, totaling 5,115 complaints.

This was followed by the banking industry with 5,020 complaints, financing companies with 3,072 complaints, and the insurance industry with 643 complaints.

The remaining 202 complaints came from the capital market sector and other non-bank financial institutions (IKNB).

The OJK detailed that 81.31% of complaints have been resolved internally through dispute resolution by Financial Service Providers (PUJK). The remaining 18.69% of complaints are currently being processed.

In addition to resolving incoming complaints, the OJK, together with the Task Force for the Eradication of Illegal Financial Activities (Satgas Pasti), has stopped 1,739 illegal financial entities from the beginning of the year to June 2024.

This comprises 148 illegal investment entities and 1,591 illegal online loan (pinjol) entities.

In efforts to take action against illegal financial entities, the OJK issued 156 written warnings to 125 PUJKs, 3 court orders to 3 PUJKs, and 25 fines to 25 PUJKs between January 1 and June 27, 2024.

As a result, 137 PUJKs have compensated consumers for losses related to 659 complaints, with a total compensation of Rp100 billion.