REPUBLIKA.CO.ID, BANDA ACEH - Financial Services Authority (OJK) inaugurated 35 new representative offices throughout Indonesia started on Monday. The offices consist of six regional offices and 29 local offices based on Law No. 21/2011.

"On Monday, we inaugurated 15 offices attended by members of board of commissioners and chairman," OJK representative said in written statement on Monday.

OJK will carry out its functions as regulator and supervisor that have previous been conducted by Bank Indonesia (BI). All representative offices will supervise capital market, bank and non-bank financial industry, including its function to educate and protect consumers.

Local offices will be easier to control entire financial service industry. OJK has a mandate to implement consumer protection and local office that is expected to serve as an information center for public complaints.

Economic literacy is expected to be higher. It improves more public confidences in investing and dealing with financial institutions that will strengthen financial industry. It can make major contribution to regional economy.

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