Abstract
<em>This study examines and analyzes the legal implications of strengthening the integrated Alternative Dispute Resolution Institutions in the Financial Services Sector regulations. This study applies a normative juridical approach with descriptive-analytical research specifications. The data are analyzed using qualitative juridical analysis. Results show that: an Integrated Alternative Dispute Resolution Institutions in the Financial Services Sector is a dispute resolution institution that is in accordance with the characteristics of the financial services sector as an agent of trust and prioritizes consumer protection. It is expected that consumer dispute resolution is faster, cheaper, and fairer for both Business Actors and the consumers; strengthening of regulations on integrated ADR Institutions in the Financial Services Sector aims to create independent, fair, effective, and efficient dispute resolution capable of anticipating developments in the financial services sector that are increasingly complex from a legal perspective, the use of financial technology, and products/services across financial services sectors</em>
Highlights
The Indonesian financial services sector is growing rapidly in terms of regulation, institutions, and products/services
After conducting a study of secondary data in the form of primary, secondary, and tertiary legal materials, as well as from the results of qualitative juridical analysis, it can be concluded: an integrated alternative dispute resolution institution is the final step for financial service sector (FSS) consumers and business actors in resolving disputes outside the court
Disputes resolution through the integrated alternative dispute resolution institutions can only be conducted after consumers have filed a complaint with the business actor based on POJK Number 18/POJK.07/2018 on Consumer Complaint Services in FSS or use the complaint service for settlement efforts provided by OJK
Summary
The Indonesian financial services sector is growing rapidly in terms of regulation, institutions, and products/services. The financial services sector is heavily or strictly regulated and adopts and adapts to developments in global regulations, requiring constant renewal of regulations. The Islamic financial industry will compete with domestic conventional financial industry and with the conventional and Islamic financial institutions in ASEAN and beyond (Komite Nasional Keuangan Syariah, 2018). These two legal systems operate side by side with regulations that are different in substance and in principle. In addition to changes in the legal system, the financial services sector has experienced a wider development
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