√ Definition of the Financial Services Authority (OJK) and its background
Definition of the Financial Services Authority (OJK) and its background – In setting up a business, especially if the business is a financial services business, there will be several problems that will come and must be resolved.
How to solve it will be very complicated if we get a problem that is quite serious in it. Therefore, it is hoped that there will be an institution that can provide a way out in the form of a solution on how to deal with it properly.
Definition of the Financial Services Authority (OJK) and its background
Financial services authorities provide services that can help the founders of financial services businesses which will be monitored and given guidance. Actually, what is a financial services authority will be explained as follows.
Definition of FSA
OJK or the financial services authority is an institution whose job is to be able to oversee integrated services related to finance throughout Indonesia. This financial services authority was established by being regulated by law in 2011 number 21 article 2.
The law provides an explanation of the role of the OJK in carrying out all of this activities without interference from certain parties that can interfere with the course of supervision That.
The financial authority service is an independent institution. This can emphasize that he is a free institution and no one will be able to put pressure on others. And if there is interference or pressure coming from outside, the OJK is obliged to report it and that particular party can intersect with existing laws in Indonesia.
If we look at how the OJK works, we can conclude that the position of the financial services authority is almost the same or equivalent to the KPK or the Corruption Eradication Commission. They are all equally institutions that have the authority or duty to be able to carry out an oversight. However, the work area of the KPK seems wider than that of the OJK.
OJK background
The OJK has a background in its formation which was a push from Bank Indonesia which was experiencing a supervisory crisis which could make some parties feel uneasy. OJK is motivated by several things which are explained as follows:
- The financial services business sector is increasing day by day, which means that more and more financial services businesses are emerging which are being carried out by the public. The business can offer all kinds of financial services whether in the form of safekeeping, mortgages, or loans. In every financial service business, there are several rules that can be used to run their respective businesses. So an institution is needed that can oversee all financial service businesses so that everything can be controlled and realized according to what is desired.
- The problems that occur are cross-sectoral in the financial services business, the problem is that there will indeed be all the ingredients that can provide a mutual agreement. This will be able to occur in financial services businesses that have been operating in Indonesia, therefore to be able to bridge the gap these problems, the OJK acts as an intermediary and provides rules that must be followed by all service business sectors finance.
- The mandate that has been conveyed by Law of 2004 number 3, the Basic State of Indonesia is a law. What regulates the financial services authority is the Law of 2004 number 3 which contains Bank Indonesia.
Here's an explanation about Definition of the Financial Services Authority (OJK) and its background explained by knowledge. In setting up a financial services business, we have a lot of risks that will be experienced, so we need a body that regulates and helps it, namely the OJK. Hopefully useful 🙂
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