OJK Receives 39,000 Complaints from 2022-2024, Most Regarding Banks and Online Lenders

The Financial Services Authority (OJK) received 39,866 consumer complaints between January 1, 2022, and January 26, 2024.

Friderica Widyasari Dewi, Executive Head of Supervision of Financial Services Business Actors' Behavior, Education, and Consumer Protection at OJK, stated that the highest number of complaints originated from the banking sector, totaling 19,064 complaints.

“[The most frequent complaints] are about the behavior of debt collectors,” said Friderica in an online press conference on Friday (February 2, 2024).

Furthermore, complaints from the banking sector also concerned credit restructuring, the Financial Information Services System (SLIK), issues with collateral or guarantees, and the rejection of accelerated credit or financing settlements.

Second, complaints related to peer-to-peer financial technology (fintech) or online loans (pinjol) amounted to 9,226 complaints over the past two years.

Complaints in this sector concerned debt collectors, credit restructuring, external fraud, transaction failures, and returns or profit margins.

Next, in third place, is the financing sector with 7,816 complaints. “Many of these also involve the behavior of debt collectors, transaction disputes, and others,” said Friderica.

In the insurance sector, OJK received 3,007 complaints by the end of last month. Issues included insurance claims, products/claims not matching offers, insurance premiums, and policy restrictions or closures.

Finally, there were 185 complaints in the capital market. The types of complaints frequently reported by the public included fund disbursement, returns or profit margins, transaction failures, unauthorized transactions, and fraud.