New York: The Financial Services Authority (OJK) is committed to continuing to strengthen consumer protection, especially capital market retail investors who play an important role in maintaining stability and preventing turmoil in the Indonesian capital market.
This was conveyed by the Chief Executive for the Supervision of the Behavior of Financial Services, Education and Consumer Protection of the OJK, Friderica Widyasari Dewi, at the IOSCO Committee 8 Meeting in New York, United States.
According to Friderica, the OJK has done various things to strengthen capital market consumer protection by increasing literacy, optimizing complaint handling, enforcing market conduct supervision, and completing regulations to maintain investor trust and confidence in investment products and services in the capital market.
"Inclusion in the capital market alone is not enough. Therefore, investors need an adequate level of financial literacy so they can understand investment products and services in the capital market well," said Friderica, quoted in her written statement, Monday, June 5, 2023.
Friderica also conveyed the OJK's focus on continuing to increase investment literacy, especially for young people and women as provision for the future and ensuring future financial well-being.
The IOSCO Committee 8 meeting which was attended by capital market supervisory authorities from various countries around the world discussed efforts to increase the protection of capital market retail investors through financial literacy.
During the meeting, committee members shared policy developments and implementation of financial literacy activities to strengthen the protection of retail investors in the capital market.
Many countries and supervisory authorities have initiatives and programs to strengthen the protection and literacy of retail investors, among others, by monitoring illegal investment practices and regulating the behavior of influencers in promoting financial products.
During her working visit to the United States, Friderica also held meetings with a number of institutions such as the Consumer Financial Protection Bureau, the World Bank, the International Monetary Fund (IMF), and the Securities Exchange Commission to enhance partnerships, especially in the field of consumer protection.
In these meetings, Friderica conveyed OJK's commitment to continue to strengthen consumer protection and improve financial market integrity through financial literacy and education, handling consumer complaints, and implementing effective and collaborative market conduct supervision.
According to him, the collaboration with various international financial institutions allows for a better exchange of information between regulators and supervisory authorities regarding consumer protection.
"A good consumer protection framework and healthy market behavior can promote overall financial system stability," Friderica concluded. (Kevin Schreiber)
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