Financial Services Authority (Indonesia)

This article is about Financial Services Authority in Indonesia. For FSA in the United Kingdom, see Financial Services Authority (United Kingdom).

Financial Services Authority (Indonesian: Otoritas Jasa Keuangan; OJK) is an Indonesian government agency which regulates and supervises the financial services sector. Its head office is in Jakarta.^[2]

Financial Services Authority

Otoritas Jasa Keuangan
Logo of OJK in Indonesian
Agency overview
Formed	2011 (2011)
Preceding agency	Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK)
Jurisdiction	Government of Indonesia
Headquarters	Jakarta, Indonesia
Agency executive	Mahendra Siregar[1], Chief of Commissioner Council (Ketua Dewan Komisioner)
Website	www.ojk.go.id

The OJK is an autonomous agency designed to be free from any interference, having functions, duties, and powers to regulate, supervise, inspect, and investigate. The agency was established in 2011 to replace the role of Bapepam-LK in regulating and supervising the capital market and financial institutions, as well as that of Bank Indonesia in regulating and supervising banks, and to protect consumers of financial services industry.

After the passage of the Law on Financial Sector Development and Strengthening, Indonesian government eventually elevated the authority to the special status and integrated it to the law enforcement system in Indonesia.^[3]

History

The agency was created in 2011 under the Act No. 21 of 2011 which organised system of regulation and supervision of financial services. It replaced the functions of the Capital Market and Financial Institutions Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan) or Bapepam-LK in short.

Functions

The Financial Services Authority was formed so that the whole activities in the financial services sector:

• are working in ordered, fair, transparent, and accountable manners;
• are able to create a financial system which grows continuously and in a stable manner; and
• are able to protect the interests of consumers and the society.

The agency investigates financial crimes.^[4]

Member banks

All member banks are registered and supervised by the organization, and are required to carry the statement indicating such in advertising.

• Bank Mandiri
• Bank Central Asia
• Bank Negara Indonesia
• KB Bank (formerly Bank Bukopin and KB Bukopin)
• Bank Rakyat Indonesia
• Bank Permata
• Bank Mega
• Bank Nobu
• Bank Danamon
• OCBC Indonesia (formerly Bank OCBC NISP)
• Bank CIMB Niaga
• Bank SMBC Indonesia (formerly BTPN/Bank Tabungan Pensiunan Nasional)
• Bank Maybank Indonesia (formerly Bank Internasional Indonesia)
• Bank Tabungan Negara

Islamic banks

• Bank Syariah Indonesia
• Bank BCA Syariah
• Bank Muamalat
• Bank Mega Syariah
• Bank Panin Syariah
• Bank Syariah Bukopin

See also

• Securities Commission
• Economy of Indonesia
• List of financial regulatory authorities by jurisdiction

References

1. "Anggota Dewan Komisioner OJK Periode 2022-2027". Retrieved 4 August 2022.
2. Home (English). Otoritas Jasa Keuangan. Retrieved on 28 March 2019. " Otoritas Jasa Keuangan, Gedung Soemitro Djojohadikusumo Jalan Lapangan Banteng Timur 2-4 Jakarta 10710 Indonesia"
3. Brilian, Almadinah Putri. "Tok! Jokowi Beri OJK 15 Kewenangan Penyidikan Tindak Pidana Jasa Keuangan". detikfinance (in Indonesian). Retrieved 5 February 2023.
4. Arzia Tivany Wargadiredja (9 February 2018). "The Debt Cult That Wants to Save the World With a Mountain of Gold". Vice. Retrieved 28 March 2019.

External links

• Official site