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SS Legal Advisor
SS Legal Advisor, Advocate
Category: Law
Satisfied Customers: 1046
Experience:  Senior Caseworker at DL Solicitors
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Can I ask in terms of a Australian domiciled resident

Customer Question

Can I ask in terms of a Australian domiciled resident purchasing insurance overseas directly, what process is required if they themselves are not an ASIC regulated entity? Can they purchase the insurance on a non advice basis (execution only) or do they have to go through a broker?
JA: Where are you? It matters because laws vary by location.
Customer: UK
JA: What steps have you taken so far?
Customer: None. We have previously used a broker for advice but the UK insurance company is fully regulated by UK FCA and an Australian Broker would be used to collect the GST and pay that on the transaction but do they or someone else 'have' to be party to the sales transaction?
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No we just need to understand the ASIC process for insured's purchasing policies via the UK as they would be doing so without regulated sales advice obviously without a broker but they would still have the same protection in terms of claims and post policy rights.
Submitted: 11 days ago.
Category: Law
Expert:  Virtual-mod replied 10 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 10 days ago.
I’m happy to wait
Expert:  AlinaK-admin replied 8 days ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Alina-Moderator
Expert:  SS Legal Advisor replied 8 days ago.
Hello,
I am an experienced legal advisor and I am happy to answer your question.It is my understanding that Asic has no involvement in the purchase or regulation of a UK insurance product.The FCA does not require an overseas purchaser to be regulated by an ASIC nor is there a requirement to use a broker.If you have any follow ups please ask.Kind regards
SBrokers are a personal choice to find 'the best product'
Expert:  SS Legal Advisor replied 5 days ago.

Please do ask any follow ups.

Kind regards

S