Indonesia's Financial Watchdog Clarifies Rules for Financial Influencers

Indonesia's Financial Services Authority (OJK) has introduced new regulations for financial influencers, emphasizing that the rules are designed to bolster consumer protection and improve financial literacy, not to stifle content creators. The new regulation, POJK Number 6 of 2026, aims to maintain the integrity of the financial system by ensuring the quality and accuracy of information disseminated by these influencers.

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This POJK was quite exciting during its formation. We are actually departing from John Maynard Keynes' teaching that the government must intervene when the market experiences distortion or failure because the market is imperfect. The state must intervene.

Rizal Ramadhani, OJK's Deputy Commissioner for Supervision of Financial Services Business Actors and Consumer Protection, explained that the regulation stems from the principle that government intervention is necessary when market mechanisms falter. "This POJK was quite exciting during its formation. We are actually departing from John Maynard Keynes' teaching that the government must intervene when the market experiences distortion or failure because the market is imperfect. The state must intervene," Rizal stated during a discussion in Jakarta.

The OJK recognizes the growing influence of financial creators in educating the public, marketing products, and offering recommendations. To address the potential for misleading information, a regulatory framework has been established. Ramadhani highlighted that the OJK has moved beyond the "consumer beware" concept, where consumers bear sole responsibility for their protection. "Our principle is, we have abandoned the consumer beware concept. Let consumers protect themselves. We don't want people to get lost. Therefore, we are directing the views of financial influencers towards a better direction," he said.

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Our principle is, we have abandoned the consumer beware concept. Let consumers protect themselves. We don't want people to get lost. Therefore, we are directing the views of financial influencers towards a better direction.

Ramadhani stressed that the regulations are intended to support, not limit, financial influencers, viewing them as vital to the financial services ecosystem. "We don't want to limit, no. Financial influencers are part of the financial services ecosystem in the context of literacy and education. What we encourage is honest, accurate, non-misleading, clear, and responsible literacy and education," he added. The OJK aims to prevent future market disruptions caused by digital industry developments, employing a principle-based approach to allow for innovation and future refinements as the industry evolves.

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We don't want to limit, no. Financial influencers are part of the financial services ecosystem in the context of literacy and education. What we encourage is honest, accurate, non-misleading, clear, and responsible literacy and education.