Jakarta, CNBC Indonesia – Monitoring results The Financial Services Authority (OJK) shows that there are still many financial service advertisements that violate consumers. Most of them are in the banking sector.
Referring to OJK data, in the period January 2019 to September 22 2020, there were 3,224 out of 10,361 financial service advertisements by financial service institutions (LJK).
Of these, 71% of advertisements came from the banking sector, 27% from the non-bank financial industry (IKNB) and 1 percent from the capital market sector. As for the types of violations, 94% were in the form of obscure advertisements, 5% were misleading ads and 1 percent were inaccurate.
Member of the OJK Board of Commissioners for Education and Consumer Protection, Tirta Segara, said that the OJK will continue to tighten its supervision when the LJK sells its products so as not to harm consumers.
Not only that, OJK also encourages LJK to be transparent about products marketed to the public.
“There must be product transparency, there must be no hidden costs of products being sold,” said Tirta, in an online webinar event, Tuesday (17/11/2020).
Not only that, as a form of education to the public, he also asked consumers to be more careful in studying the agreement with the LJK so that they do not arbitrarily give approval in the form of a signature without understanding the contents as a whole.
In addition, in terms of supervision, OJK will also pay attention to the aspect of prudence in the form of individual health of the LJK, risk profile, financial ratios, management and operations and increase supervision in terms of market conduct.
“OJK will monitor LJK with consumers. We will also monitor advertising,” he said.
As is known, the OJK has issued guidelines regarding financial service advertisements. There are four provisions regarding information contained in advertisements in the media, namely, conveying accurate information.
Second, serving honest information, namely advertisements that convey true information about the benefits, costs and risks of each financial product and service.
Next, the information must be clear, namely conveying important information regarding financial products and services in full, including conducting confirmation to consumers or the community for the explanation given.
Finally, the advertisement does not convey misleading information.
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