Challenging Government Overreach

The Law on the Development and Strengthening of the Financial Sector was legalized by President Joko Widodo. The Act is known as Law No. 4 of 2023 often known as the P2SK Law, which stipulates that the Financial Services Authority or Otoritas Jasa Keuangan (OJK) is the only party that has the authority to file for bankruptcy and postpone debt payment obligations for financial service institutions. This research will provide novelty, especially on the definition of justice in the financial services sector, especially related to the interests of consumers and creditors with regulatory authority.This right has eliminated the creditor rights of insolvent financial service institutions. Creditors do not have any rights or legal action against defaulting or insolvent financial institutions. This research aims to examine the authority of OJK over bankruptcy and PKPU of Financial Services Institutions and justice for other creditors dan consumers according to the OJK’S authority. This researchers employed the normative juridical method. This study concluded that the authority of the OJK must be reviewed with consideration of the authority already possessed by the OJK, practical conditions in the business world specifically for financial service institutions, and the position and rights of creditors for loans to financial service institutions. The results of the study also found that the authority of the Financial Services Authority did not reflect the value of justice for consumers and creditors

Directorate General of Taxes (DGT) is a government institution that half of the authority is judicative because the DGT is able to collect revenue by using enforcement to taxpayers. The DGT has judicative characteristic so that the DGT must be abreast with the other law enforcement institution in Indonesia law system. In this case, the writer used the term of Transformative Law Enforcement (TLE). Act number 9/2017 gives new duty and power for the DGT so that it strengthen DGT position as a TLE. This research focuses on DGT role as a TLE until the existence of the DGT can be recognized in public law system and is purposed for the DGT to have specific law that manage the DGT. This research use normative judicatory approach method and qualitative descriptive with secondary data. The conclusion is that Act number 9/2017 gives new duty and power for the DGT as TLE to have unimpeded access of financial information from financial service institution and another entity in order to increase taxpayer compliance eventhough it might cause conflict of interest with Bank Indonesia as the central bank and the highest authority of all banks in Indonesia.

Continuous and stable supervision can be carried out by an independent institution such as Bank Indonesia or the Financial Services Authority. The basis for establishing the Financial Services Authority considers various aspects, especially technological aspects, where growth and development as well as financial service systems are increasingly needed by the public quickly and precisely. With the birth of the Financial Services Authority, regulation and supervision of financial service institutions can be easily carried out through one door, remembering that financial service institutions are not only banks but also non-bank financial service institutions and capital markets. With the formation of the OJK, it is hoped that it can support the interests of the financial services sector as a whole and increase the competitiveness of financial services institutions themselves in making contributions to national development.

This study entitled: "Financial Literacy and Utility Products and Services Financial Institutions". The purpose of this research are: 1) Knowing and analyzing the financial literacy index of financial products and services to the students of the faculty of Economics and Business jenderal Soedirman University 2) Knowing and analyzing the utility index products and financial services to the students of Economics and Business Faculty; ; 3) Knowing and analyzing the causes and the high barriers to low index Financial Literacy and utility products and financial services among the students of the Faculty of Economics and Business Faculty; 4) Determine and analyze whether the effort made by Fiancial Service Autority, Financial Institutions and the Program to improve the financial literacy of students; 5) Provide input to the Financial Services Authority and the Program in preparing the financial literacy materials needed to improve students understanding of financial products and services. This research is a qualitative descriptive method analysis using informants population and students of the Faculty of Economics and Business UNSOED, the Financial Services Authority officials, managers of Studies, and Financial Institutions Officer. 
 The results showed that financial literacy index of financial institutions that exist in Indonesia at the FEB students Unsoed still low at only $ 4.76 for students who are well literate and amounted to 95.24% in banking products and services. Causes and high barriers to low index of Literacy Financial and utility products and financial services among the students of the Faculty of Economics and Business UNSOED is: do not get the financial education of the family as a child (80%), not taught in formal education as a child (77%), not to get the material and a deep understanding of the subjects were obtained during the study (70%), and the limited funds received from parents and therefore can not be used to invest in products and services of financial institutions (93%). Therefore, the financial services authority need to be more intensive in propagating financial literacy program for students with conduct socialization activities continuously. While the Program need to improve financial learning with learning innovation, identifying subjects that are relevant to the Financial Literacy material, determine appropriate teaching methods and reviewing the curriculum back.

The Bank, as an intermediary institution, in managing public funds should be conducted with sufficient expertise, so that public trust is maintained and there is no withdrawal of public funds deposited in banks that may result in economic activities. The presence of an institution that serves to oversee banking institutions is needed to ensure public trust so that banking management can be done in accordance with the rules of banking management is good and true. The existence of an independent authority becomes the determining factor in the smooth operation of the financial services sector. With the formation of the Financial Services Authority, it is expected to solve problems arising from the complexity of the existing financial system in Indonesia and to reorganize the organizational structure of the institutions Which carries out regulatory and supervisory tasks in the financial services sector covering the banking sector, capital markets, insurance, pension funds, financial institutions and other financial services institutions. Structuring is done in order to achieve a more effective coordination mechanism in dealing with problems arising in the financial system, thus ensuring the achievement of financial system stability. The regulation and supervision of the entire financial services activities must be done in an integrated manner.

Government Regulation in Lieu of Law (PERPPU) Number 1 Year 2017 regulates the Authority of the Director General of Tax the Ministry of Finance has access to financial information for tax purposes. This information can be obtained from financial service institutions carrying out activities in the banking sector, capital market, insurance, other financial service institutions and/or other entities categorized as financial institutions. Through this Government Regulation, the government also eliminates the confidentiality rules of financial service institutions related to opening financial access of customers or taxpayers as contained in Article 2 Paragraph stating in terms of financial service institutions, other financial service institutions, and/or other entities as referred to Paragraph 1 are bound by the obligation to keep confidential based on the provisions of the laws and regulations, the confidentiality obligation does not apply in implementing the Government Regulation. The state of urgency also means that in the General Provisions and Taxation Procedure law regulates data access through requests (by request) and only covers the purpose of inspection, investigation and collection of taxes, precisely here the problem lies in the absence of accurate initial data tax audits are not effective and prone to cause disputes that are endless winding. The government guarantees the confidentiality of public data submitted by financial institutions to the DGT, tax officials who divulge confidential taxpayers and use the information for purposes other than fulfilling tax obligations, will be subject to sanctions according to general provisions and taxation procedures.

The Financial Services Authority (OJK), which has a position as a state institution, was formed based on Law Number 21 of 2011. OJK functions to organize an integrated system of regulation and supervision of all activities in the financial services sector, both in the banking sector, capital markets, and non-bank financial services sectors such as insurance, pension funds, financing institutions, and other financial services institutions (Sulubara, 2023). The Constitutional System of Indonesia (UUD 1945) emphasizes that the Indonesian government system is based on law. In facing challenges and opportunities must be resolved legally. The theoretical studies related to this research are using the theory of legal protection (Musyafah, 2019). This research uses a normative juridical method with the aim of analyzing the role of functions attached to the Financial Services Authority (OJK) in accordance with the legislation as the basis for its formation. The challenges faced by the Financial Services Authority in the era of digitalization of financial services are data security and cyber threats, adaptive regulations, digital divide, digital literacy and dependence on third parties. Meanwhile, the opportunities presented by the digitalization of financial services are financial inclusion, product and service innovation, ecosystem collaboration and digital asset development.

This study aims to examine and analyze how the Financial Services Authority (OJK) is regulated based on Law No.21 of 2011 concerning the Financial Services Authority (OJK), and how the functions of the Financial Services Authority (OJK) in providing consumer protection in the financial services sector . This study uses a form of normative legal research, which is research based on written regulations and legislation and various literature related to the issues to be discussed in this study. The Financial Services Authority (OJK) based on Law No.21 of 2011 concerning the Financial Services Authority (OJK) has the task of regulating and supervising several financial service sectors, namely the banking sector, capital market, insurance, pension funds, financing institutions and financial service institutions. other. In the banking sector, OJK has the authority to regulate and supervise bank institutions, bank soundness, prudential aspects, bank inspections. Therefore, the issue of bank establishment licensing and bank business license revocation falls under the authority of OJK. With regard to consumer protection, OJK has the authority to take measures to prevent losses to consumers and the public by providing information and education to the public regarding the financial services sector, services and products.

One of the government's efforts to resolve consumer disputes through non-litigation is through the Consumer Dispute Resolution Agency (BPSK). In addition, the Financial Services Authority (OJK) also mandates the establishment of institutions to resolve financial service sector consumer disputes, namely the Alternative Consumer Dispute Resolution Institute (LAPS). The study was conducted normatively. The study emphasizes the authority to resolve consumer disputes at financial institutions between BPSK and LAPS. The results show that BPSK has the authority to settle final consumer disputes, the authority exercised by BPSK is regulated in the Decree of the Minister of Industry and Trade of the Republic of Indonesia Number: 350 / MPP / Kep / 12/2001 concerning the Implementation of the Duties and Authorities of the Consumer Dispute Resolution Board and the Republic of Indonesia's Minister of Trade Regulation Indonesia Number 06 / M-DAG / PER / 2/2017 concerning the Consumer Dispute Resolution Board. It's just that the decisions issued by BPSK related to the case of financial institutions, especially those containing elements of the credit agreement are often canceled by the Supreme Court because BPSK considered not authorized to settle disputes that contained the agreement element. The authority of LAPS is regulated in POJK Number 1 / POJK.07 / 2014 concerning Alternative Institutions for Settlement of Financial Services Sector Disputes. LAPS divides financial services sector dispute resolution institutions into 6 institutions, the establishment of which is carried out by the OJK in collaboration with Financial Services Institutions. LAPS which has the authority to settle consumer financing company disputes is BMPPVI (Indonesian Ventura Medication, Financing, And Capital Mediation Agency).

The enactment of Law Number 9 of 2017 concerning Government Regulation in Lieu of Law Number 1 of 2017 concerning Access to Financial Information for Tax Purposes Being this law is the first step in tax reform to improve the taxpayer database and also transparency of the tax potential that exists in each taxpayer. This law is the commitment of the State of Indonesia to participate in the G20 international agreements in the field of taxation in order to realize the Automatic Exchange of Financial Account Information (AEOI) financial information exchange and is expected to help strengthen Indonesia's tax system towards a more modern direction and increase awareness of mandatory taxes in fulfilling their tax obligations. The research method is normative juridical, which is descriptive analytical with data collection techniques from library research. Data analysis was carried out using a qualitative normative method, where this research was classified as normative which was complemented by a comparison of secondary data research. From the results of the study, it is known that the legal consequences of opening access to financial information on customer data after the issuance of Law no. 9 of 2017 concerning Stipulation of Government Regulation in Lieu of Law No. 1 of 2017 concerning Access to Financial Information for Tax Purposes Being a law is for the tax party, namely the Directorate General of Taxes, that they no longer need to bother but can directly request data from the bank. Through this regulation, the Directorate General of Taxes of the Ministry of Finance has the flexibility to access financial information of customers who are taxpayers. Then, the legal consequences for banks are required to provide information to the Director General of Taxes, either through electronic/non-electronic or through other access and exchange of information. Banks or Financial Services Institutions that do not submit, do not carry out the procedures for this provision will have legal consequences for tax authorities, for banks and for customers

Taxpayer data security in carrying out tax obligations at the Directorate General of Taxes has experienced several problems of taxpayer data leakage because the security system is still weak, so that it is infected with malware that is able to steal taxpayers' personal data. This study aims to evaluate the effectiveness of taxpayer data security in carrying out tax obligations with case studies at the Directorate General of Taxes, knowing the obstacles faced by the Directorate General of Taxes in building a taxpayer data security information system and analyzing the efforts made by the Directorate General of Taxes regarding the development taxpayer data security system in carrying out tax obligations. This study uses a descriptive qualitative approach. Data collection techniques through observation, interviews, and documentation studies as well as data analysis techniques using content analysis. The results of this study indicate that after the taxpayer data leak occurred, the Directorate General of Taxes carried out a comprehensive system improvement so that the level of taxpayer data security became better. The participation of taxpayers in using a strong username and password is an important factor that determines the taxpayer's own data. The Directorate General of Taxes seeks to improve the security system and provide socialization to taxpayers to always use usernames and passwords that are not easily guessed and to periodically change E-filing passwords.

This study aims to examine how the Public Relations strategy of the Directorate General of Taxes (DGT) in disseminating the Financial Information Law to Financial Services Institusions (LJK). In other words, the relationship between tax authorities and LJK is ultimately beneficial for DGT to strengthen the taxation database and increase LJK tax awareness. This study used qualitative method, because in qualitative research it it very relevant to describe the findings of research concerning the relationship of DGT Public Relations with LJK. The result showed that in the dissemination and communication of information on the Financial Information Law, the DGT implemented a Public Relations strategy through communicators, messages and used selected media, so that the DGT could take steps in the socialization and education program for the financial services institution.

The purpose of community service activities is to provide financial education, especially to improve the financial literacy of the community in Lou Mulgab Village, Finish District, Langkat Regency towards bank financial service institutions, financial service institution products, how to access financial institutions, especially banking, about the benefits and risks of using institutional products. financial services, including providing knowledge about the role of the Financial Services Authority (OJK) and the Deposit Insurance Corporation (LPS). The method used is to conduct Islamic financial education delivered by the presenters, as well as conduct evaluations in the form of pre-test and post-test to the participants who attended the village hall. The results of the PKM show that the literacy of the PKM participants in Lou Mulgab Village, Finished District is quite good in understanding the related material. The increase in literacy is also determined by education level, age and gender. PKM participants can be said to have knowledge and confidence about financial service institutions and financial products and services, benefits and risks, rights and obligations related to financial products and services.

Corporate Social Responsibility (CSR) has become an essential element in the operations of companies, particularly financial service institutions, in line with the growing attention to the concept of sustainable finance. This research is motivated by the legal uncertainty in implementing sustainable finance linked to CSR programs, which often face issues such as inconsistent definitions, unclear sanctions, and non-standardized reporting mechanisms across various regulations. The objective of this study is to analyze the regulation of sustainable finance in relation to CSR and evaluate the legal certainty embedded in its implementation by financial service institutions. This study employs a juridical-normative method with an analytical approach to legislation, official documents, and case studies in several companies within the financial services industry. The results indicate that the regulations on sustainable finance and CSR in Indonesia still face several challenges. Law No. 40 of 2007 on Limited Liability Companies regulates CSR obligations generally but does not impose specific sanctions. Meanwhile, Law No. 25 of 2007 on Investment provides for administrative sanctions but lacks clear enforcement mechanisms. Additionally, the Financial Services Authority Regulation (POJK) No. 51/POJK.03/2017 mandates financial service institutions to develop sustainability action plans and sustainability reports, but its implementation is limited to certain sectors without addressing inclusivity. Existing regulations also fail to optimally provide tax incentives that can encourage consistent CSR implementation by businesses. The conclusion of this study highlights the need for regulatory harmonization to create legal certainty that supports the implementation of sustainable finance and CSR. This includes aligning definitions, strengthening reporting mechanisms, establishing clear sanctions, and improving oversight. With legal certainty, financial service institutions can be more confident in investing in sustainability projects and executing CSR programs that positively impact society, the environment, and business continuity. This research aims to serve as a reference for policymakers and companies in promoting inclusive social and economic development.

Advances in information technology-based financial services are beginning to follow suit, in the form of peer-to-peer lending, which provides easy access to loans without the need for conventional financial institutions. However, this convenience brings new challenges, particularly regarding the protection of users' personal data. Many platform providers access excessive amounts of sensitive information, such as contacts, photos, and other personal data, which can be misused to the detriment of borrowers. Therefore, this study aims to identify and analyze regulations related to personal data protection, particularly in the field of peer-to-peer lending services in Indonesia. It also analyzes the role of financial institutions, namely the Financial Services Authority (OJK), in addressing potential violations committed by platform providers. Using a normative legal approach, the study shows that despite the existence of these regulations, implementation in the field is suboptimal, particularly in terms of monitoring illegal platforms. Furthermore, challenges to oversight include limited resources and a lack of digital literacy among the public, which results in many users not fully understanding the risks of sharing their personal data. This study also highlights the importance of collaboration between the OJK, the Ministry of Communication and Information Technology, and law enforcement agencies to strengthen oversight mechanisms and take action against violations. In addition, extensive public education regarding personal data security is needed to encourage greater vigilance in using digital services. Personal data protection must be a top priority in the development of financial technology to prevent privacy violations. Strict regulations and effective sanctions are expected to provide a deterrent effect and create a healthy and equitable fintech ecosystem in Indonesia. This study also recommends that the government accelerate harmonization between the Personal Data Protection Law (PDP Law) and financial services sector regulations, particularly regarding service providers' transparency obligations in managing consumer data.