THE FINANCIAL SERVICES AUTHORITY POLICY IN CONSUMER PROTECTION

Widijantoro, Johanes and Wijaya, Nicolas Budi Arianto (2017) THE FINANCIAL SERVICES AUTHORITY POLICY IN CONSUMER PROTECTION. In: International Research Conference on Economics and Business, Facing Future Economics, 11-12 Desember 2017, Hotel Atria Malang.

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Abstract

Financial Services Authority is the independent body that have responsible in oversight and arrangement of Financial Industries in Indonesia, both Banking and non-Banking. One of the main objective in establishing of Financial Services Authority is to provide consumer protection. It was broadly known that consumers of financial services were frequently damaged because of various unfair trade practices conducted by financial service providers, their low level of financial literacy, and the weakness of consumer protection policy. Therefore this article examines development of consumer protection policies released by Financial Services Authority since its establishment. A concisely review of the consumer protection policy before the establishment of Financial Services Authority will also be conducted to see how far the policy of consumer protection of financial services existed at that time. By using some relevant aspects in consumer protection of financial services, policies of Financial Services Authority in protecting consumer will be analyzed to describe its progress as well as its weakness and challenge.

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