Which of the following entities is NOT considered one of the four pillars of the financial system?

In the context of the financial system, the four pillars typically include banks, insurance companies, investment dealers, and other key financial intermediaries that facilitate capital flow and provide various financial services. Banks manage deposits and extend loans, insurance companies provide risk management and protection, and investment dealers facilitate the buying and selling of securities.

Financial regulators, while crucial to the overall financial ecosystem, do not fit into the category of one of the four pillars. Their role is to oversee, enforce compliance, and maintain the integrity and stability of the financial system, rather than functioning as a direct entity providing financial services to consumers or businesses. By establishing and enforcing regulations, they ensure that the pillars operate within a framework that protects the interests of the public and maintains market confidence. Thus, this distinction clearly identifies financial regulators as separate from the four pillars of the financial system.