Monday 07 November 2016 6:29 pm

This former chancellor has joined a new financial well-being charity

A charity set up to boost financial well-being and resilience across the UK has just welcomed a former chancellor onto its board of trustees.

Alistair Darling, who served as chancellor between 2007 and 2010, has joined Standard Life Foundation and he is expected to become the charity's chair at the start of 2017.

Howard Davies, who used to lead Standard Life's Public Affairs team, will head up the Foundation as chief executive.

Meanwhile, Waterstones chief executive James Daunt, Professor David Hall of the University of Manchester, Standard Life chairman Sir Gerry Grimstone and Standard Life chief executive Keith Skeoch are among those joining Darling on the board of trustees.

The Foundation was first announced at insurer's annual general meeting in May, and is being funded through unclaimed cash entitlements and sales proceeds from unclaimed shares from Standard Life's demutualisation in 2006.

At the time of the AGM, Grimstone said:

I am very pleased to announce that we are launching the Standard Life Foundation, which will focus on work that addresses closing the savings gap in our society. The savings gap is an issue that touches, directly and indirectly, many millions of people in the UK. And it is in this area that the Foundation will work to support public interest research, practical activities and other very worthwhile work too.

The Foundation will set out the focus of its future research in due course.