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

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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