The 2013 diagnostic review was triggered by a request from Indonesia͛s Financial Services Authority (Otoritas Jasa Keuangan – OJK) and the Central Bank of Indonesia, Bank Indonesia. The request referenced the emphasis that Indonesia͛s Financial Inclusion Strategy placed on consumer protection.
All aspects of the retail financial sector were considered in the diagnostic review. The banking, non-bank credit institutions, security, insurance, pension, and credit reporting sectors were considered as well as financial literacy strategies and programs. The review was based on the World Bank͛s Good Practices on Financial Consumer Protection. The good practices were developed using international benchmarks, such as the principles released by the Basel Committee, the International Organization of Securities Commissions, the International Association of Insurance Supervisors and recommendations of the Organization for Economic Co-operation and Development. They are currently under review, with a new version due for release in 2017.
The review͛s findings and recommendations are reflected in the support being provided under the World Bank Financial Inclusion Support Framework (FISF) Program. The program provides for wide-ranging consumer protection and financial literacy activities which reflect the recommendations in the diagnostic review, while taking into account Indonesia͛s priorities.
Ros was team leader and technical expert for all consumer protection and financial literacy aspects of this complex project from 2013 – 2015 whilst a Senior Financial Sector Specialist with the World Bank. Activities covered with the support of World Bank staff and consultants included:
- Leading the diagnostic review and preparation of the related report
- Capacity building for consumer protection supervision
- Technical assistance for the assessment and implementation of external dispute resolution schemes and the review of OJK͛s Customer Care Program
- Advisory inputs on internal OJK operations, guidelines, and best practices concerning financial literacy