Indonesia Diagnostic Review of Consumer Protection and Financial Literacy [electronic resource] : Volume 1. Key Findings and Recommendations.

World Bank Group.
Washington, D.C. : The World Bank, 2014.
Other Financial Accountability Study
World Bank e-Library.
Other Financial Accountability Study
Government document
Local subjects:
Finance and Development
Finance and Financial Sector Development
Financial Law
Financial Literacy
Financial Regulation
Financial Regulation & Supervision
Financial and Private Sector Development
Law and Development
Legal Framework
Micro, Small and Medium Enterprise Support
This diagnostic study was undertaken by the World Bank in response to a request from Otoritas Jasa Keuangan (OJK), the Indonesian Financial Services Authority, and Bank Indonesia, the nation's central bank. Indonesia's financial sector has a lot of growth potential considering the relatively low volume of domestic credit provided by the private sector - just 43 percent of gross domestic product (GDP) in 2012. To steer the growth to sustainability, the Indonesian authorities have emphasized financial consumer protection in the 5 pillars of Indonesia's national strategy for financial inclusion. This review aims to assist Indonesia in developing and implementing its national strategy and provides a detailed assessment of the consumer protection framework in six segments of Indonesia's financial sector: banking, securities, insurance, non-bank credit institutions, private pensions, and credit reporting. This study also informed the design of the World Bank's support program for Indonesia under the financial inclusion support framework (FISF) initiative. The review addresses the following issues: (1) institutional arrangements, (2) legal and regulatory framework, (3) transparency and disclosure, (4) business practices, (5) complaints handling and dispute resolution mechanisms, and (6) consumer awareness and financial literacy. Volume I summarizes the key findings and recommendations and volume II assesses each financial sector segment with regard to the good practices for financial consumer protection.
World Bank Group.
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