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@austinc
I asked this when I got mine done the other day. You're supposed to register the bike on the Immobilise website with the number, plus despcription and photos. When the police pull over a cyclist for running a red light or whatever, they flip the bike over, run a check and you pop up as the registered owner. If the rider isn't you he has some explaining to do.
If you sell the bike you can just unregister it from your name and the buyer has the option of re-registering in their own name.