Choose the statement that is incorrect about trust and loan companies.
A)Trust and loan companies accept deposits and make personal loans and mortgage loans.
B)Trust and loan companies administer estates.
C)The largest trust and loan companies are owned by banks.
D)Trust and loan companies hold more than 70 percent of the total assets of the Canadian financial services sector.
E)Trust and loan companies administer trusts and pension plans.

Question

Quizplus · Accepted Answer

Trust and loan companies hold approximately 8 percent of total assets in the Canadian financial services sector. The largest trust and loan companies are not owned by banks but are independent entities.

Choose the Statement That Is Incorrect About Trust and Loan