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Steps to Complain to LAPS SJK if you have a Problem with Financial Services Product

In the business environment, especially in the financial services sector, it is not uncommon to encounter situations where there is dissatisfaction or disagreement between consumers and business actors. To resolve this fairly and effectively, the Financial Services Sector Alternative Dispute Resolution Institution (LAPS SJK) is one option that can be considered.

LAPS SJK plays an important role in providing alternative dispute resolution outside conventional judicial channels, such as general courts or arbitration courts. The LAPS SJK is expected to reduce the burden on the judiciary and provide easier access for the public to resolve disputes with financial institutions, thereby accelerating problem resolution and maintaining public confidence in the financial services sector.

However, what are the steps if we have a problem with a financial services product and want to submit a complaint to LAPS SJK?

Types of Complaints that can be Handled by LAPS SJK

Before discussing the steps for filing a complaint, we need to understand the types of complaints that can be handled and resolved through the LAPS SJK. Based on Financial Services Authority regulations, there are two types of complaints filed by consumers against Financial Services Business Actors (PUJK), namely complaints that indicate a dispute and complaints that indicate a violation.

Steps for Submitting a Complaint to LAPS SJK

The following are the steps for submitting a complaint to LAPS SJK:

• Submission of a Settlement Request

Parties may apply for settlement in accordance with the LAPS SJK mediation procedures and rules. This application is submitted to the LAPS SJK Secretariat by paying the Mediation Application Registration Fee. However, there are exceptions for retail and small claim disputes.

• Complaints through the Consumer Protection Portal Application (APPK)

LAPS SJK also accepts complaints through the Consumer Protection Portal Application (APPK), which can be accessed through kontak157.ojk.go.id. Through APPK, consumers can submit their complaints about financial services products in a direct and structured manner.

Types of Dispute Resolution Services at LAPS SJK and Case Examples

Types of dispute resolution services through LAPS SJK can be conducted through mediation and arbitration, depending on the mechanism established by the institution. The following is an explanation of each type of service:

• Mediation

If the complaint qualifies for mediation, the parties will be required to enter into an agreement to mediate at LAPS SJK through a Mediation Agreement. A verification and clarification process will be conducted prior to commencing mediation to ensure that the complaint is eligible for further processing.

The following is an example of the mediation process at LAPS SJK between a consumer and a bank:

For instance, if a consumer lodges a dispute against the bank regarding an unreasonable late payment fee on a credit card, a request for meditation will be initiated.Suppose a consumer files a dispute against a bank regarding a late payment fee on a credit card that he considers unreasonable. The consumer and the bank agree to submit a mediation request to LAPS SJK to resolve the dispute amicably and out of court.

LAPS SJK will then appoint a mediator who has expertise and knowledge in dispute resolution in the financial services sector. At the mediation session, the mediator acts as a neutral party who helps facilitate communication between the consumer and the bank. They listen to the arguments and concerns of both parties to find a solution that is acceptable to all.

The mediator helps both parties to consider alternative solutions, such as fine adjustment, payment restructuring, or other compensation. Through a negotiation process guided by the mediator, the consumer and the bank reach an agreement that satisfies both parties regarding the resolution of the dispute.

The agreement reached is then made into a formal agreement between the consumer and the bank, which is signed and implemented in accordance with the agreed terms.

In the above example, mediation at LAPS SJK helps avoid a lengthy and costly judicial process, while providing an opportunity for both parties to communicate openly and reach a mutually beneficial solution. Mediation also provides legal certainty and fairness in resolving disputes without having to go through time-consuming and costly legal battles.

• Arbitration

For settlement through arbitration, an Arbitration Agreement is required at LAPS SJK. Once verification and registration is complete, the next steps include payment of administrative fees and arbitrator honorarium, appointment of arbitrators, and the arbitration hearing process.

An example of an arbitration proceeding at LAPS SJK between a consumer and a financial institution is where a consumer and an investment company have a dispute regarding a claim for investment losses suffered by the consumer.

The consumer and the investment company agree to resolve their dispute through an arbitration process organized by LAPS SJK, as an alternative to conventional judicial channels. LAPS SJK then appoints a panel of arbitrators consisting of legal and financial experts to preside over the arbitration process. Arbitrators are selected based on their expertise and experience in dispute resolution in the financial services sector.

The consumer, investment firm and arbitrator agree on the arbitration procedures to be used, including the hearing schedule, exchange of evidence and decision process. Subsequent to the arbitration hearing, both parties present their evidence and arguments to the panel of arbitrators. The arbitrator leads this process in a fair and neutral manner, ensuring that both parties are given equal opportunity to present their cases.

After hearing all the evidence and arguments, the arbitrator panel drafts an arbitration decision that is binding on both parties. This decision usually includes a determination of financial obligations, if any, as well as other settlements in accordance with applicable laws and regulations.

The arbitral decision that has been drafted is thenwill be implemented by both parties in accordance with the stipulated terms. This may include payment of compensation, recovery of assets, or other necessary steps in accordance with the arbitral decision.

In the arbitration process described above, the Financial Services LAPS provides an efficient and reliable alternative for resolving disputes in the financial services sector. By involving a panel of experienced arbitrators, the process ensures that disputes are resolved fairly and in accordance with the law, without having to go through a lengthy and complex judicial process. Arbitration also provides legal certainty and justice for both parties involved in the dispute.

Complaining to the Financial Services LAPS is a structured and well-regulated process in accordance with the applicable regulations. By following the established procedures, the parties can obtain a fair and effective resolution of problems with financial services products.

Through mediation or arbitration offered by LAPS SJK, it is hoped that an agreement and benefits can be reached by that benefits both parties without having to go through a lengthy and complex judicial process. Thus, consumers and businesses can maintain a healthy and respectful relationship in a dynamic business world.