(CNN) Prince Harry and Meghan, the Duchess of Sussex, say they are stepping back from their roles as senior members of the British royal family and plan to work towards becoming "financially independent," the couple announced on Wednesday.

"After many months of reflection and internal discussions, we have chosen to make a transition this year" they wrote on Instagram, explaining that they hope to "carve out a progressive new role within this institution."

"We intend to step back as 'senior' members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen," they said.

Harry and Meghan did not consult any other members of the royal family about their decision, CNN has learned.

There is said to be a mood of deep disappointment in the palace following the announcement; senior members of the family are hurt as a result of the news.