Question: Jason is a sole trader and is considering taking a 10 -year business loan from Westpac Bank. The bank officer as part of condition for

Jason is a sole trader and is considering taking a 10 -year business loan from Westpac Bank. The bank officer as part of condition for the loan application wants Jason to buy a life insurance from Westpac's insurance department. This will mean that Jason will have to pay an additional $6000 per year for the insurance premium for 10 years. This is over and above the interest payment for the business loan. Jason is concerned that the requirement to take out an insurance is not appropriate and that he is being overcharged on his loan application given this requirement. He wants to verify the condition imposed by Westpac on the need to take out an insurance as part of a business loan with a financial regulator. Which financial regulator in Australia should Jason approach to report his concern?

a. RBA

b. APRA

c. ASIC

d. None of the above

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