Coordination and support from all parties concerned including law enforcers, customers and the public are needed to assure success for OJK like in other countries."
Medan, North Sumatra (ANTARA News) - Indonesia is expected to fully operate the new financial service authority (OJK) in 2014 after process of making the banking supervision regulation is done by the end of this year.

So far it has already carried out supervision on capital market and non-bank financial institutions, OJK director for financial system stability Sukarela Batunaggar said here on Tuesday.

It is hoped with the full operation of the institution the country`s financial system would be healthier and the public`s interests are more protected, he said.

He said at a workshop for journalists in North Sumatra that the healthier system would not only improve financial service business in the country but also increase national competitiveness.

He said current global era including the introduction of ASEAN Economic Community in 2015 required readiness and also capability to compete including in the financial service sector.

He said although the OJK would hold full authority to monitor and regulate all financial institutions its success would be determined more by intensive coordination and communication with other institutions concerned especially the central bank after the presence of OJK.

"Coordination and support from all parties concerned including law enforcers, customers and the public are needed to assure success for OJK like in other countries," he said.

He said OJK implements a system of regulation and supervision which is integrated in all activities in the financial service sector.

It regulates and supervises financial service activities in the banking sector, capital market, pension fund insurance, financing institutions and other financial service institutions.

The chairman of the North Sumatra chapter of the Indonesian Journalist Association, M Syahrir, said familiarization of government policies such as OJK must be increased as so far it has always been the public that is hurt when cases of financial or non-financial business activities happen.

He referred to people who had been hurt in cases of insurance, credit cards and other financial businesses due to alluring offers.

(Reporting by Evalisa Siregar/H-YH/B003)

Editor: Priyambodo RH
Copyright © ANTARA 2013