A team of nine independent financial advisers are planning to set up a new financial education charity.

The Charity Commission is currently in the process of deciding whether to grant the Financial Life Planning Foundation charitable status and should do so within the next month.

Assuming the organisation is successful the charity will set up a website and start offering financial life planning advice for free to members of the public through online webinars. It also hopes to hold workshops around the country in the future.

Tina Weeks, a founding trustee of the organisation, told civilsociety.co.uk that: “Now more than ever people need to be in control of their own finances and financial life planning can help them to do that.”

She explained that life planning differed from traditional financial advice because it took a “much more personal approach and really looks at the needs of the individual”.

Start-up funding has been provided by banking and financial services organisation UBS and but the new organisation will begin looking for other funding sources once it has been approved.

The project was started in October 2009 by a group of six financial planners, as Project Eve. Last summer they decided to take the project forward as a charity andcame up with the new name.

There are now nine trustees for the proposed charity and its chairman is former Helm Godfrey managing director Bruce Wilson. Weeks said that when it launches the board hopes that the number of members providing advice would quickly reach 35.