OJK Receives 12,000 Consumer Complaints in the First Half of 2023, Most from the Banking Sector

The Financial Services Authority (OJK) reported receiving 12,175 complaints from financial services consumers between January and July 2023.

The highest number of complaints originated from the banking sector, reaching 5,656 complaints.

Second was the financial technology (fintech) industry, with a total of 2,913 complaints.

This was followed by complaints from financing companies and insurance companies, with 2,379 and 1,008 complaints respectively.

The remaining 219 complaints originated from the capital market sector and other Non-Bank Financial Institutions (IKNB).

"Regarding the complaints received through the Consumer Protection Portal Application (APPK), the OJK continues to push for the resolution of complaints, both those indicating disputes and those categorized as indications of violations," said Friderica Widyasari Dewi, Executive Head of Supervision of Financial Services Business Actors' Behavior, Education, and Consumer Protection, in a virtual press conference on Thursday (3/8/2023).

Federica explained that to date, 9,956 complaints, or 81.77%, have been resolved through the Internal Dispute Resolution process by the Financial Services Business Actors (PUJK).

Another 2,219 complaints, or 10.23%, are still under resolution.

In addition to resolving incoming complaints, the OJK, together with the Investment Watch Task Force (SWI), is also working to eradicate illegal online lending (pinjol) circulating in the community.

"From 2017 to July 31, 2023, the SWI has stopped 6,894 illegal financial entities, consisting of 1,193 illegal investment entities, 5,450 illegal online loan entities, and 251 illegal pawn entities," said Friderica.

(Read also: This Province with the Largest Pinjol Debt on Sumatra Island in May 2023)