We have closed a lot of ads. Just in the period from January 1 to March 31, 2022, nearly 244 out of the 6,684 ads we monitored were found violating (the regulations)Jakarta (ANTARA) - The Financial Services Authority (OJK) has removed 244 financial services advertisements in the year ended March 31, 2022, for violating regulations.
"We have closed a lot of ads. Just in the period from January 1 to March 31, 2022, nearly 244 out of the 6,684 ads we monitored were found violating (the regulations). The violations included promising unreasonable profits," OJK’s commissioner for education and consumer protection Friderica Widyasari Dewi said during “OJK Virtual Innovation Day (OVID) 2022,” on Monday.
According to Dewi, 95 percent of the 244 ads carried unclear messages, 3.69 percent carried misleading information, and 0.41 percent were not accurate.
“So, we can classify the ads into misleading ads, inaccurate ads, and unclear ads, which have the potential to harm consumers. We closed the ads. We summoned advertisers to stop the ads," she said.
Advertising violations were recorded in 2.63 percent of the 5,544 ads in the banking sector, 8.18 percent of the 1,088 ads in the non-banking financial industry, and 17.31 percent of the 52 ads in the capital market, she informed.
"We have informed (the advertisers) of the violations. They have made adjustments or even we have stopped the ads," she said.
The percentage of ads complying with the regulations has increased significantly in the past three years, the OJK noted.
The percentage of ads complying with regulations reached 96 percent in the first quarter of 2022, a significant increase compared to 36 percent in the first quarter of 2019, she highlighted.
"As we look at, the number of ads complying with regulation shows an upward trend," she said.
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Translator: Suharto
Editor: Azis Kurmala
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