The CISI Future Foundation, a body set up by the CISI to improve financial literacy, has been granted charitable status and can begin considering grant applications.

The body, set up last year, aims to boost financial literacy in the UK and will focus initially on working with young people from disadvantaged backgrounds.

The foundation aims to promote and fund research and skills in financial capacity and capability and will award grants to other bodies involved in this area.

The CISI, the professional body for CFP-qualified Financial Planners and other financial professionals, has allocated £2.5m from its reserves for the new charity.

The foundation aims to partner with existing organisations by offering funding in the UK and internationally, for “programmes or initiatives” which align with the foundation’s objective of increasing financial literacy.

The foundation has its own governing structure separate from the CISI and nine trustees have been appointed.

The nine CISI Future Foundation trustees are:

Chair: Nick Swales, Chartered FCSI, Regional - Director North East, Rathbones Investment Management 

Alan Ramsay FCSI(Hon), CISI Deputy Chairman, Non-Executive Director, IPSX 

Fionnuala Carvill, Chartered FCSI, FCIB, FCIS, Non-Executive Director, Investec Bank (Channel Islands)

Debbie Clarke, Chartered MCSI, Managing Director, New Clarke Ventures

Victoria Nye, an experienced financial services executive 

Charlini De Almeida, Assistant Vice President, Barclays Private Bank 

Matthew Townsend Director, Team Head, Barclays Wealth Management

David Loudon, Chartered FCSI 

Michael Mainelli, Chartered FCSI (Hon), Chairman, Z/Yen Group

Nick Swales, chair of the foundation, said: “Since our initial launch a year ago, the foundation has been hard at work developing a policy and governance framework.

“Following a rigorous process, on receipt of hundreds of applications, we are delighted to have now appointed our full board reflecting the wider CISI membership and, importantly, a range of independent trustees.

“Our first UK Grant Application “window” is now open until 12 May and the criteria for applications can be found on our website. We are excited to be able to embrace this opportunity to make a real difference in promoting and encouraging financial literacy. This is a cause which has for too long been characterised by apparently insurmountable challenge, particularly among the young and the socially disadvantaged.”

The CISI Future Foundation’s international grant application window will open later in the year.