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ILAG is a trade body representing members from the Life Assurance and Wealth Management Industries

About

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History

Formed in 1972 as the Linked Life Assurance Group, it initially focused on unit linked matters.

By 1994 the interests of members had diversified and LLAG changed its name to the Investment and Life Assurance Group, ILAG.

We now have membership from across the life assurance and wealth management industries.

In January 2008, ILAG became a company limited by guarantee, ILAG Limited.

Aims and purpose

The Investment and Life Assurance Group Limited (ILAG) is a representative trade body which acts as a forum for the financial services industry, focusing on insurance, pensions and investments.

It seeks to:

  • Engage and build relationships with regulatory, government and industry bodies
  • Promote understanding of the regulatory, legislative and market environment in which members operate
  • Provide a vehicle for members to exchange views and information
  • Facilitate the development of best practice throughout the industries it supports.

The objectives are:

  • To be a positive influencing force within the Industry and with regulators and government, giving trusted advice and guidance from the practitioner point of view
  • To provide regular forums for education, discussion and exchange of views between members
  • To provide a voice for members’ issues and concerns by the facilitation of representations and consultation responses.

Corporate Governance

ILAG is governed by an annually elected Board of Directors selected from the membership.

The main Board meets regularly and oversees ILAG’s activities. Sub-groups of the Board deal with nominations and operations.

The Board delegates responsibility for the consideration of technical matters to a range of groups.

ILAG Activities

ILAG offers a busy programme of seminars, workshops and forums and facilitates discussion groups, and roundtables. These are free and run exclusively for the membership. We attract high quality speakers from government, regulators, industry bodies and market practitioners.

We are proud of our practitioner focus and the technical work carried out within our groups and recognise the positive value of diversity by promoting equality and challenging discrimination.

ILAG’s output (events, consultations and communications) is driven by its groups.

Strategy Groups

Wealth Management identifies analyses and provides commentary on key issues around wealth management, accumulation, investment, decumulation and social care funding.

Practitioner Groups

Digital, Technology and Innovation Practitioner Group examines developments in, and innovative uses of, information and mobile technologies and looks at legislation and regulation regarding the use of technology.

Distribution examines all aspects of distribution within the UK, including initiatives designed to create standards in distribution activity or practices and legislation and regulation across all channels.

Financial Crime considers the latest developments in anti-money laundering, fraud, data and other financial crime related subjects.

Financial Reporting reviews the standards, developments in, and business implications of, financial reporting in relation to insurance businesses. The Group responds to relevant consultation papers and facilitates the sharing of good practice amongst members.

Pensions Technical reviews all pension related developments, including emerging legislation and regulations and social and economic issues affecting pension provision.

Protection focuses on matters relating to protection products, including health insurance. As well as regulatory issues, the Group also addresses strategic issues, genetic and medical advancements and patterns of mortality and morbidity.

Prudential Regulation deals with developments and trends in prudential regulation, monitoring and formulating responses to related consultations, and liaison with the regulators.

Regulation (UK and EU) responds to proposed changes to the regulation of our Industry with particular focus on FCA publications, changes to practices within FCA, EU Directives and their implementation, regulations and BREXIT.

Risk Management considers the implications of changes, economic conditions and external environmental issues affecting life assurance and investment firms.

Tax addresses all UK tax matters with HMRC and other relevant bodies and provides technical support to members.

Workplace: Protection, Health and Wellbeing reviews, researches and reports on changes, economic conditions and external environmental issues affecting life assurance and investment firms active or considering presence in the workplace.

Advisory Groups

Cyber Security is an education and discussion forum established to identify and facilitate cyber-related activity for ILAG members.

NEDs is an education and discussion forum which identifies key issues of interest to current and potential non-executive directors and company secretaries. It provides guidance and practical training sessions.

Focus Groups

Handbook Review will review the FCA Handbook and identify areas that require amendment in advance of a formal FCA consultation.

Operational Resilience established to discuss PRA and FCA Operational Resilience Consultation Papers - PRA CP29/19 Operational Resilience, FCA CP19/32 Building Operational Resilience and PRA CP30/19 Outsourcing and third-party risks

Social Care inputs into consultations and related papers and provides review and commentary on developments in social care.

Communications

ILAG members receive regular communications, on a wide variety of industry issues and developments as well as information about ILAG activities and events.

You can follow us on LinkedIn or Twitter.

ILAG Operations

ILAG operates a virtual office with a small Management Team which determines and facilitates the work of the Board and groups. We are committed to a paperless environment.

How to Join

For an application form, more information, or to discuss the benefits of membership in more detail, contact

Theresa Brooks, Financial and Membership Manager:

T 01536 726158, M 07950 327515

E theresa.brooks@ilag.org.uk


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