Regulation of Standard Banking Credit Agreements by the Indonesian Financial Services Authority: A Consumer Protection

Abstract

The standard agreement creates rights and obligations for both parties, namely having two choices to “take it or leave it”. Most standard agreements in practice have the potential to harm the weaker party. The difference in the position of the parties in an agreement can cause the party who has a lower position to have a less profit potential. This research is normative legal research using a descriptive-analytical approach and then analyzed qualitatively to produce conclusions in descriptive form. The results show that the Financial Services Authority as an institution that has the authority to regulate and supervise the banking industry in Indonesia has issued POJK Number: 6/POJK.07/2022 concerning Consumer Protection in the Financial Services Sector and SEOJK Number: 13/SEOJK.07/2014 concerning Standard Agreement in order to provide protection to consumers.
 Keywords: consumer protection, standard agreement, banking credit