Certification Falsification Practice in the Jouska Case: The Importance of Certification Checks

     Several months ago, social media was rife for one of the financial planner companies, PT Jouska Finansial Indonesia’s case. Its clients reported the company on their illegal investment scheme. The clients feel aggrieved and regret having entrusted their investment to be managed by the company.

     The local news outlet, Tirto (2020), noted several credentials shown on Aakar Abyasa Fidzuno’s, the co-founders, LinkedIn to be false. On the platform, he claimed to hold certificates from the International Association of Registered Financial Consultant (IARFC Indonesia) and Financial Planning Standards Boards Indonesia (FPSB). Besides, on the company’s website (currently blocked by the Ministry of Communication and Information Technology), two financial advisors, named Farah Dini Novita and Indah Hapsari, also stated that they had obtained certification from IARFC Indonesia and FPSB.

     However, those claims were denied by the Chairman and President of IARFC Indonesia, Aidil Akbar Madjid. According to the IARFC Indonesia’s database, only one Jouska’s employee had obtained certification from IARFC Indonesia in 2011. The certificate was valid for one year and has not been extended until now. He added that Aakar, Farah, and Indah were not listed in the IARFC Indonesia’s database.

     In addition, Tri Djoko Santoso, the Chairman of FPSB Indonesia, stated that the certification of Farah Dini Novita had expired in 2015. He added that no Jouska employee's name apart from Farah Dini Novita is registered in the FPSB Indonesia database.

     The investigation conducted by Investment Readiness Task Force (Satuan Tugas Waspada Investasi – SWI) also revealed that PT Jouska was proven to have violated several regulations. One of them is related to the certification. These violations consequentially added accusations to Jouska, impacting the court proceedings become even worse.

     On the other hand, this case has obviously raised customers’ awareness on the integrity of similar finansial services. The integrity is one of risks company should be taken care of, especially when they deal directly with the public. Based on this case, certification check is essential, especially during the recruitment process in a company. Verification aims to minimize the potential for similar violations.