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
Otoritas Jasa Keuangan
Logo of OJK in Indonesian
Agency overview
Formed2011 (2011)
Preceding agency
  • Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK)
JurisdictionGovernment of Indonesia
HeadquartersJakarta, Indonesia
Agency executive
Websitewww.ojk.go.id

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]

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.

Islamic banks

See also

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.