Financial Services Authority (Indonesia)
Otoritas Jasa Keuangan
|Superseding agency||Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK)|
|Agency executive||Muliaman D. Hadad, Chairman|
Financial Services Authority of Indonesia (Indonesian: Otoritas Jasa Keuangan or OJK) is an Indonesian government agency which regulates and supervises the financial services sector. 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.
The agency was created in 2011 under the Act No. 21 of 2011 which organized 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.
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.