Financial Profession Oversight with New Directorate

https://www.epajak.or.id/ Sri Mulyani Enhances Financial Profession Oversight with New Directorate , Finance Minister Sri Mulyani Indrawati has taken a strategic step by establishing a new directorate within the Ministry of Finance (Kemenkeu) to strengthen oversight of financial professions. This initiative is regulated under Minister of Finance Regulation (PMK) Number 124 of 2024, effective from 30 December 2024.

The policy introduces significant changes to Kemenkeu’s organizational structure, including the creation of the Directorate of Supervision and Development of Financial Professions, which falls under the Directorate General of Financial Sector Stability and Development (DJSPK).


Strengthened Oversight of Financial Professions

The new directorate is tasked with overseeing financial professions such as:

  • Accountants
  • Tax consultants
  • Customs professionals
  • Auction sector professionals

In addition, the directorate will be responsible for:

  • Formulating and implementing technical policies related to the supervision and development of financial professions.
  • Managing financial and business reporting.
  • Imposing administrative sanctions on financial professionals who violate regulations.

Structure and Functions of the New Directorate

The DJSPK, which oversees the Directorate of Supervision and Development of Financial Professions, comprises several sub-directorates, including:

  1. Directorate for Banking Development, Financial Markets, and Other Financing
  2. Directorate for Pension Funds, Insurance, and Actuarial Development
  3. Directorate for Financial System Stability and Policy Synchronization
  4. Directorate for Regional and Bilateral Cooperation
  5. Directorate for Multilateral and Sustainable Finance Cooperation

This restructuring replaces the Center for Financial Profession Development, previously governed by PMK Number 118 of 2021.


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    Focus on Professionalism and Sanctions Enforcement

    Sri Mulyani emphasized that the new directorate will tighten standards of professionalism within the financial sector. It has the authority to impose administrative sanctions for violations committed by financial professionals, including:

    • Non-compliance with regulations
    • Breaches of professional ethics
    • Inaccurate financial reporting

    The primary goal of this measure is to ensure that all financial professions operate according to standards while improving transparency and accountability in the financial sector.


    Strategic Policy Objectives

    1. Enhancing National Financial Stability
      Stronger oversight is expected to maintain the stability of Indonesia’s financial system, support transparency, and strengthen governance.
    2. Addressing Global Economic Challenges
      The new structure reflects the government’s readiness to tackle complex global economic challenges, including the need for enhanced international cooperation in the financial sector.
    3. Boosting Public Confidence
      This policy aims to build public trust in Indonesia’s financial system through greater integrity and credibility in the sector.

    Public Response and Expectations

    The policy has been well-received by various stakeholders, including financial professionals, who view it as a step toward enhancing the integrity and credibility of their professions. However, effective implementation remains critical to ensuring the policy achieves its objectives.

    Looking ahead, the Directorate General of Financial Sector Stability and Development is expected to deliver innovative solutions to strengthen Indonesia’s financial ecosystem and contribute to sustainable economic growth.

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