Question

10.Which of the following is NOT correct? Select one: a. Building societies are supervised by APRA....

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

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Answer #1

The correct option is C

The financial companies are allowed to accept the public deposits through the issue of bonds for a stupulated period time and in return they have ti 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 created by the large corporations or the bankers to provide the credit to their members and representatives only.

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