JAKARTA. OJK (Financial Service Authority or FSA) has completed the first selection stage of its Board of Commissioners candidates. A total of 107 people were qualified to the next selection process.
Some prominent figures in financial industry were selected from the first selection process, such as Tito Sulistio (President Director of Indonesia Stock Exchange or IDX), Riswinandi (President Director of State Pawnshop), Fauzi Ichsan (Chairman of Deposit Insurance Agency or LPS), and politician Melchias Markus Mekeng. The current OJK executives are also qualified from the early selection process.
Minister of Finance, who is also the Chairperson of organizing committee (OC) of the selection process, Sri Mulyani said, in the second stage the OC will gather public’s inputs, including the track records of the candidates.
The OC will also request data about the candidates from other institutions, “Including from the Corruption Eradication Corruption (KPK), PPATK (Financial Transactions Analysis and Reporting Center), and other institutions,” Sri said, Wednesday (8/2).
The selected executives will be facing the long to-do list. Yasril Y. Rasyid, the Chairman of Indonesia’s General Insurance Association said that the OJK should be able to settle some ongoing regulation making, including the rules on foreign ownership in the insurance.
Recently, insurance and banking industries, as well as the stock exchange concern on some issues related to the levy. Yasril said, the general insurance expects that OJK will collect the levy based on the assets, not based on the equity.
Chairman of Investment Managers Association Edward P. Lubis (AMI) also shares the same concern about the levy, which is collected from the asset under management (AUM). According to Edward, the levy is supposed to be collected based on the percentage of investment management revenues.
Edward also requested OJK to synergize the existing regulations with the development of mutual funds and stock exchange.
President Director of PT Bank Mandiri Tbk Kartika Wirjoatmodjo added that market deepening and increasing financial inclusion are supposed to be included under OJK’s program.
Kartika said that OJK needs to develop innovation to enhance financial market. Kartika suggested OJK to encourage banking consolidation to boost the industry’s efficiency.
Chairman of Indonesian Securities Companies Association (APEI) Susy Meilina added that the financial service products need to be enhanced, mainly in stock exchange. In this case, the new executives of OJK need to pay attention on the lack of investor numbers in the stock exchange. (Muhammad Farid/Translator)
A Long to-do List for OJK Boss
