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Legal expenses insurer DAS UK Group, which carried out the survey during the previous quarter, also found that just over half (57%) of the brokers who said they were aware of the GDPR do not believe they will be in a position to comply with the new rules by May of next year.
DAS said larger brokers were more knowledgeable of the GDPR (72%), compared with smaller principal brokers at 62%. Only 42% of respondents from super-regional firms knew about the GDPR.
James Henderson, managing director of insurance UK & Ireland for DAS UK Group, said: “It’s concerning to note the apparent unpreparedness of brokers, given the deadline is less than eight months away. With potential fines of €20m or 4% of global annual turnover – depending on which is bigger – awareness should be far higher.”
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