On 24 July 2014, the Financial Services Authority (OJK) issued Circular Letter No. 12/SEOJK.07/2014 on The Presentation of Information for Marketing Financial Services or Products (Circular Letter 12). Circular Letter 12 has been in force since 6 August 2014. Circular Letter 12 provides marketing conduct guidelines for financial services providers on directly or indirectly offering their services/products (i.e. websites, commercial advertisments, brochures, telemarketing, etc). Circular Letter 12 also confirms financial services providers’ responsibility for actions taken.
A Financial Services Provider (Pelaku Usaha Jasa Keuangan or PUJK) must not provide any misleading information to their customers, in particular with regard to the costs, benefits, and risks of their services/products. PUJK are permitted to offer their services/products to customers through personal communication means such as telephone, email, short message service, or other similar media; however, this is subject to certain requirements such as the offer is made within weekdays and Saturday from 08:00AM – 06:00 PM unless it is approved/requested by customers, a printed report/a letter signed by customers is provided, the offer is recorded, etc.
When providing customers information on services/products through electronic, print or outdoor advertising media (i.e. billboards, signboards, etc.), PUJK must comply with the requirements on language, refund warranties, testimonials, prize giveaways, procedures, past performance and future claims, and the use of research data. The language used in the advertisements must satisfy the following requirements:
- be understandable to consumers;
- not include superlatives;
- not use the “free” if consumers still have to pay; and
- advertisements also may not make promises followed by the clause “as long as still available”.
PUJK must inform customers accessing their communication media, covering their mailing address, telephone number, facsimile, and website. The official website of a PUJK must be adjusted to provide the minimum information required under Circular Letter 12, such as its company profile which should include, among others, the business license issued by the relevant authority, a summary of the services/products available, the procedures and transaction methods, guidelines on resolving disputes, corporate governance and other information required to be disclosed under the prevailing regulations. The minimum information must be uploaded on the PUJK’s website by 31 December 2015.
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