A Comparative Assessment of Alternative Dispute Resolution for Financial Consumer Protection in Malaysia and Indonesia

Ibtisam a.k.a Ilyana Ilias; Muhamad Ikhwan Mohd Zain; Nur Ezan Rahmat; Dinda Keumala

doi:10.21834/e-bpj.v8iSI13.5041

Authors

Ibtisam a.k.a Ilyana Ilias Faculty of Law, UiTM Shah Alam, Selangor, Malaysia
Muhamad Ikhwan Mohd Zain Department of Law, UiTM Perak Branch, Tapah Campus, Malaysia
Nur Ezan Rahmat Faculty of Law, UiTM Shah Alam, Selangor, Malaysia
Dinda Keumala Faculty of Law, Universitas Trisakti, Jakarta, Indonesia

DOI:

https://doi.org/10.21834/e-bpj.v8iSI13.5041

Keywords:

Financial Dispute, Legal Framework, Alternative Dispute Resolution, Comparative Analysis

Abstract

The Ombudsman for Financial Services (OFS) handles financial services complaints in Malaysia. Meanwhile, the Alternative Institution for Dispute Resolution in the Financial Services Sector (LAPS SJK) handles financial disputes and safeguards customers from financial fraud in Indonesia. This study aims to analyse and compare the legal framework in both institutions for protecting financial consumers, considering their similarities and differences in regulatory approaches, consumer rights, and enforcement mechanisms. The findings of this study can provide insights for policymakers and regulators in both countries to enhance their efforts to safeguard the interests of financial consumers.

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