The CISI is allocating £2.5m of its reserves to the foundation.

The foundation aims to improve financial literacy skills, and the experience and outcomes of financial learning, through the provision of grants.

The foundation will partner with organisation in the UK and overseas to work with young people from disadvantaged backgrounds, on new programmes or initiatives which align with its objective of increasing financial literacy.

Nick Swales, regional director for the northeast at Rathbone Investment Management, has been appointed as the chair of the new foundation.

Joining the board of the foundation are Alan Ramsey, CISI deputy chairman and chief executive of IPSX, Fionnuala Carvill, non-executive director at Investec Bank (Channel Islands), and Debbie Clarke, managing director at New Clarke Ventures.

The CISI is looking to appoint an additional six members to the board, including two independent trustees.

The professional body has encouraged Financial Planners to consider volunteering for the board.

Financial Planners can read more about the foundation at www.cisifuturefoundation.org or can apply to volunteer via email This email address is being protected from spambots. You need JavaScript enabled to view it. .