The Integration of Alternative Dispute Resolutions Institutions in the Financial Services Sector with POJK No. 61/POJK.07/2020

Abstract

Financial institutions and consumers/customers have more than a contractual relationship. Financial institutions and consumers build trusting relationships. These 2 financial services businesses are used for financial services dispute resolution. The settlement includes Banking, Insurance, Capital Market, Guarantee, Pension Fund, and Financing and Pawnshops. In 2020, OJK issued POJK No. 61/POJK.07/2020 on Alternative Institutions for Financial Services Sector Disputes. The newest Financial Services Authority Regulation divides dispute resolution into 6 financial services sectors. This time, it's 1 alternative dispute resolution institution for financial services. This study examines the unification principle's applicability. Integration of conflict resolution organizations, authorities, and methods in the financial services industry. Legal normative research is used. This study uses primary and secondary legal sources from laws and books/journals. This study shows that alternative dispute resolution entities in the financial services sector have implemented unification and integration to conflict resolution.

Legal Protection in Consumer Dispute Resolution: Independence of the Financial Services Authority (OJK)

“…The birth of the Alternative Dispute Resolution Institute (LAPS) is a reflection of the pseudo/quasijudicial concept in dispute resolution is an approach used to resolve disputes or conflicts outside the court cooperatively, but has characteristics similar to the judiciary. Pseudo judicial or quasi-judicial is a dispute resolution process carried out by institutions or individuals who do not have legal power, but have the power to resolve disputes (Aufa;& Fittriyanti, 2022).…”