OJK Receives Over 16,000 Complaints Through September 2023, Most Regarding Banking

The Financial Services Authority (OJK) reported receiving 16,555 complaints from financial services consumers between January and September 2023.

Friderica Widyasari Dewi, Executive Head of Supervision of Financial Services Business Actors' Behavior, Education, and Consumer Protection at the OJK, explained that the banking sector dominated the complaints.

"7,719 complaints were from the banking sector," said Friderica in a virtual press conference on Monday (9/10/2023).

The second largest number of complaints came from the financial technology (fintech) industry, with a total of 3,475 complaints.

Next, there were 2,793 complaints from the financing company industry and 1,147 complaints from the insurance industry.

The remaining 1,421 complaints originated from the capital market sector and other Non-Bank Financial Institutions (IKNB).

"Regarding 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 indicating violations," said Friderica.

Federica explained that to date, 14,410 complaints, or 87.04%, have been resolved through internal dispute resolution processes by the Financial Services Business Actors (PUJK).

Another 2,145 complaints, or 12.96%, are still being processed.

In addition to resolving incoming complaints, the OJK, along with all members of the Task Force (Satgas) consisting of 12 Ministries/Agencies, is also working to eradicate illegal online loans (pinjol) circulating in the community.

"From January to October, the Task Force has stopped 1,484 illegal financial entities, consisting of 18 illegal investment entities and 1,466 illegal online loan entities," said Friderica.

(See also: Students and Young Workers Had the Most Pinjol Debt in July 2023)