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

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History

The Investment & Life Assurance Group (ILAG) was formed in 1972 under the name - Linked Life Assurance Group, and it initially focused on unit-linked matters.

By 1994 the interests of members had diversified leading to its evolution 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 association 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.

Groups

Digital, Technology & Innovation: The 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: Explores 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. A key area of interest is Advice and Information Models.

Financial Crime: Discusses all matters related to financial crime, anti-money laundering processes and cyber-crime. A key area of interest is intelligence sharing.

Financial Reporting: Reviews the standards, developments in, and business implications of, financial reporting. A key area of interest is IFRS 17.

Pension Technical: Reviews pension-related developments, including emerging legislation, regulation and social and economic issues affecting pension provision. A key area of interest is the development of pension dashboards.

Protection: The Protection Practitioner Group focuses on matters relating to protection products, including health insurance. As well as regulatory issues, access to insurance, and questions of public perception, the Group also addresses genetic and medical advancements and patterns of mortality and morbidity.

Prudential Regulation: Considers the developments and trends in prudential regulation, monitoring, and formulating responses to related consultations, and liaising with the PRA.

Regulation (UK & EU): Focuses on proposed changes to regulation with particular emphasis on UK and EU regulatory publications and changes to practices within UK and EU regulatory authorities. Key areas of interest are vulnerable customers and duty of care.

Risk Management: Considers the implications of changes, economic conditions and external environmental issues on firm’s risk policies and enterprise risk management frameworks. A key area of interest is climate change and the associated financial risks.

Tax: Addresses all UK tax matters with HMRC and other relevant bodies, follows financial reporting developments, and provides technical support to the ILAG membership. Current key areas of interest are IFRS 17 and Making Tax Digital for Corporation Tax.

Workplace - Protection, Health & Wellbeing: Considers the implications of future innovative, legislative, and regulatory developments relating to protection, and health and wellbeing benefits within the workplace. A key area of interest is the provision of employee support services.

Strategic Themes Oversight: The Strategic Themes Oversight Group (formerly the Wealth Management Strategy Group) reviews the strategic implications of political, economic, and technological changes affecting personal wealth at all stages of the financial lifecycle.

The group helps the ILAG community to understand key industry developments and implement initiatives that may affect their business and company strategy.

Non-Executive Directors Advisory Group: Responsible for planning and arranging member output targeted at the NEDs of member firms, aspiring NEDs, company secretaries and other personnel with responsibilities for advising NEDs.

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, Membership Engagement Manager:

T 01536 726158, M 07950 327515

E theresa.brooks@ilag.org.uk


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