New technical guidelines on marketing financial services products in Indonesia

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. PUJKs 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 08:00 AM – 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.), PUJKs must comply with the requirements on language, refund warranties, testimonials...