As you may be aware, Knowledge First Financial, along with all other Scholarship Plan Dealers, have been named as a defendant in a class action lawsuit in Quebec, targeting the enrolment fees charged under the Group RESP plans in the province. The lawsuit, filed in 2018, has recently been authorized by the Quebec courts to proceed as a class action.
While we cannot fully comment on an active litigation, we welcome the proceedings and have the utmost respect for the court’s process as well as the securities laws that govern our industry and the country as a whole.
At Knowledge First Financial, we pride ourselves on acting with integrity in all that we do and hold ourselves to highest ethical and regulatory standards in order to better serve our customers.
Knowledge First Financial intends on defending itself against the class action. In our view, RESPs are a long-term savings vehicle that are designed to deliver the best outcomes for subscribers and beneficiaries over the duration of the plan’s lifetime, which could last up to 18-to-35-years.