Inconsistency of Legal Certainty Principle of Banking Supervisory Law by the Otoritas Jasa Keuangan

Abstract

The enactment of the Law of the Republic of Indonesia Number 21 of 2011 concerning the OtoritasJasaKeuangan (the Financial Service Authority), abbreviated as OJK, has brought changes to banking supervision which initially under the authority of Bank Indonesia to become the OJK's authority. However, the enactment of the OtoritasJasaKeuangan Act is not accompanied by revising other banking related laws. There found conflict of norms, vague norms, and inconsistencies with other laws and regulations in the banking section under the supervision of the OJK regulated by the OJK law. Based on these findings, this article focuses on the existence of inconsistencies in the principle of legal certainty. This inconsistency will have an impact on legal protection for depositors. The main idea of this article has never been discussed by other author, or is a new issue. Thus, this article is expected to contribute to the improvement, harmonization and synchronization of the OJK Law with other banking related laws in line with the principle of Legal certainty.