Which of the following is NOT typically considered a financial intermediary?

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Financial intermediation is about pooling funds from savers and channeling them to borrowers, usually through institutions that take deposits or otherwise manage and deploy funds. Chartered banks fit this role by accepting deposits and making loans, providing liquidity and credit to households and businesses. Trust companies also act as intermediaries by managing assets, administering trusts, and investing funds on behalf of clients. Life insurance companies collect premiums and invest reserves to meet future policy obligations, effectively channeling long-term savings into productive uses. Regulators, on the other hand, oversee and supervise the financial system—setting rules, enforcing compliance, and maintaining stability—but they do not take deposits or directly lend to borrowers. They aren’t typically considered financial intermediaries because their function is oversight rather than connecting savers with borrowers.