Recommendations for the regulation of financial planning in Ontario are expected by early 2016, according to the budget introduced Thursday by Finance Minister Charles Sousa.

In the budget, the Ontario government says it is moving forward with its review of “a potential regulatory gap in the general oversight of financial advisory and planning services.”

The government reports that an expert committee, which has been appointed to consider industry regulation, “will be mandated to provide key recommendations and submit its final report to the government for review by early 2016.”

In the budget, the government says that it believes that “more tailored regulation” of financial planning would both help “consumers make informed choices and investments”; and, also help the profession grow, “by promoting appropriate educational requirements and qualifications.”

Sousa will announce the membership of the expert committee at an event at the Rotman School of Management in Toronto on Monday, April 27.