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EY says FS firms face massive fines should they break no deal data rules

Financial services firms need to ensure they do not breach data rules in the event of a no deal Brexit or risk a fine of up to 4% of turnover, says EY. The warning comes as EY launches a guide for financial services firms around last minute preparation for no deal. EY's own polling last month found almost a quarter (24%) of FS firms see the issue of data transfers as one of their top three worries around Brexit.

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