Which of the following is NOT correct?Select one:a. Finance companies are not allowed to accept deposits. b. Finance companies are supervised by ASIC. c. Building societies are supervised by APRA. d. Credit unions are not allowed to accept deposits from retail investors.

The correct answer is (a) Finance companies are not allowed to accept deposits.

Explanation:

Solution

The financial companies are permitted to accept the public deposits through the issue of bonds for a specified period pf time and in return they have to pay the market interest rate to the investors. while these companies are supervised by the Australian Securities and Investments Commission (ASIC).

The credit unions are the cooperative bank produced by the large corporations or the bankers to issue the credit to their members and representatives only.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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answer; schedule c;