On 14 May 2024, Bank Indonesia issued Regulation No. 3 of 2024 on the Financial Sector Alternative Dispute Resolution Institution (Lembaga Alternatif Penyelesaian Sengketa Sektor Keuangan or LAPS-SK). This regulation implements Article 246 paragraph (2) of Law No. 4 of 2023 and aims to meet consumer needs for alternative dispute resolution. It governs the formation, management, and operation of LAPS-SK, which is intended to resolve disputes between consumers and financial institutions.

Please refer to the following link for further details on our client alert regarding the regulation: Client Alert on BI Regulation 3-2024

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Melati Siregar
Senior Partner

melati@umbra.law