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Policy of the Financial Services Authority in Consumer Protection

Author

Listed:
  • Johanes Widijantoro

    (Faculty of Law, University of Atma Jaya Yogyakarta, Indonesia,)

  • Nikolaus Budi A. Wijaya

    (Faculty of Law, University of Atma Jaya Yogyakarta, Indonesia.)

Abstract

Financial Services Authority (FSA) is the independent body that have responsible in oversight of Financial Industries in Indonesia, both Banking and non-Banking. One of the main objective in establishing of FSA 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. This article examines development of consumer protection policies released by FSA since its establishment. A concisely review of the consumer protection policy before the establishment of FSA 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 FSA in protecting consumer will be analyzed to describe its progress as well as its weakness and challenge.

Suggested Citation

  • Johanes Widijantoro & Nikolaus Budi A. Wijaya, 2018. "Policy of the Financial Services Authority in Consumer Protection," International Journal of Economics and Financial Issues, Econjournals, vol. 8(2), pages 7-13.
    • Handle: RePEc:eco:journ1:2018-02-2
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    More about this item

    Keywords

    Financial Service Authority; consumer protection; financial services.;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G2 - Financial Economics - - Financial Institutions and Services

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