Neil Gross, the head of Toronto-based investor advocacy group the Canadian Foundation for Advancement of Investor Rights (FAIR Canada), will be leaving the organization on Nov. 2.
Gross, who succeeded FAIR Canada’s founder, Ermanno Pascutto, as executive director in early 2014, says he plans to do some consulting after he leaves FAIR Canada.
The group has yet to name a successor. Gross indicates that he informed the organization’s board of directors of his decision to step down in early October, and that he believes it’s searching for his replacement.
Glorianne Stromberg, a veteran securities lawyer, calls Gross’s departure “a huge loss for FAIR Canada and for investors.”
FAIR Canada has developed into a powerful voice for retail investors since its founding in 2008, advocating for reforms such as the best interest duty on financial advisors, a ban on embedded mutual fund fees, and measures to combat investment fraud.
The organization has also created investor resources, such as a series of videos explaining the client relationship model reforms, and it’s helping to build a legal clinic to help aggrieved investors navigate the regulatory/legal system.
Photo copyright: FAIR Canada