Bank Indonesia has issued new consumer protection regulations for the financial services sector.* The new regulations protect consumers of institutions regulated and supervised by Bank Indonesia.** The consumer protection obligations are broadly related to fairness, equality of treatment and access, as well as transparency. There are also obligations relating to data protection, data security, privacy and confidentiality. Penalties for violation range from warnings to the revocation of an institution’s business licence.

For further consumer protection, the new regulations require certain organisations to become members of the financial sector’s alternative dispute resolution body – ensuring that consumers have an independent arbiter for any disputes.

*Regulation of Bank Indonesia Number 3 of 2023 On Bank Indonesia Consumer Protection

**Article 2 of Regulation of Bank Indonesia Number 3 of 2023 On Bank Indonesia Consumer Protection