We have produced some FAQs below that you may find helpful. If you have any further queries please contact your account manager.
General
How is Iress planning for Brexit?
We have a team responsible for assessing the impact of Brexit and for ongoing monitoring.
Particular areas that we are closely monitoring include, business, operational and regulatory impacts that may affect our clients or Iress.
We already have robust data security and handling processes in place to comply with the GDPR.
We are continually monitoring the situation as it evolves, but we do not have any information to suggest that Brexit will have a material impact on our products or services.
Data and hosting
How will a ‘no deal’ scenario affect Iress’ ability to process data for clients based in the UK? *
We do not believe a ‘no deal’ scenario will impact our ability to process data on behalf of our UK-based clients.
Where is data hosted?
The data we process on behalf of our UK clients is hosted in the UK.
Can my data be accessed by anyone outside of the UK?
While the data is hosted in the UK, it is possible that data may be processed by third parties based outside of the UK. If we use third parties in the processing of your data we ensure this complies with the relevant privacy legislation.
Existing methods of ensuring data transferred outside of the EU is done in a compliant manner will remain effective.
Iress is a global business and we sometimes use the skills and experience of our people who are based in Iress offices outside of the UK.This may involve these colleagues accessing personal data controlled by our clients. Any such access will be in accordance with the relevant privacy legislation.
How will a ‘no deal’ scenario affect Iress’ ability to process data for those clients not based in the UK? *
Following Brexit, the UK will become a ‘third country’ for the purposes of the privacy legislation. This means clients based outside of the UK (as controllers) will need to ensure they can transfer data to us (as processors) in a manner compliant with Article 46 of the GDPR.
Clients based in the EU (after Brexit) will need to contact us so we can put in place standard contractual clauses. This will mean we can continue to process data controlled by you in a compliant manner.
Will Iress still be GDPR compliant following Brexit?
We are confident in our GDPR compliance programme and we do not believe this will be adversely impacted by Brexit.
We are monitoring the guidance in this area, and if the Information Commissioner issues new Standard Contract Clauses after Brexit then we will revisit our existing arrangements to ensure we have adequate safeguards in place.
Operations
How will a no-deal Brexit impact the performance of your operations? *
Iress is well placed for Brexit. In the event of a no-deal Brexit, Iress does not foresee impacts to our performance or sustainability of our operations.
Do you have suppliers based in the EU that may cause an impact to your service?
No, our key suppliers are based in the UK.
What organisational changes has Iress assumed in the event of a no-deal Brexit? *
We do not anticipate any organisational change as a result of a no-deal Brexit.
Do you have a large proportion of UK based employees who are non-British EU citizens which could impact your ability to achieve your existing service levels?
Less than 3% of our 698 UK based employees are non-British EU citizens and we do not expect any impact on our service levels.
Will Iress contracts remain valid and enforceable in the case of a no-deal Brexit scenario? *
Yes, we have no reason to believe that our contracts will become invalid as a result of a no-deal Brexit.
Products and service
Will any changes need to be made to Iress software or services?
We do not anticipate any material change to our software or services as a result of any of the Brexit scenarios.
Some minor changes to data formats (for post Brexit use) by some market data providers are being made as part of business as usual development and do not represent a change management process for our clients and end-users.
Minor changes to the identification information held against client files may potentially arise, however we are very comfortable this will be absorbed within scheduled product releases in a timely and accurate manner.
Assuming increased volatility in the build-up to and beyond Brexit, are there any contingencies in place to prevent as many as possible no-execution-after-a-quote?
We have reviewed our infrastructure and networks and are confident we have sufficient capacity to handle increased volumes with zero impact to latency.
Further information
Where can I find out about the impact of Brexit on my business?
If you need more information on the impact of Brexit the FCA's Brexit website or the UK Government's website Get ready for Brexit are useful sources of information.
* Some of the FAQs above are based on a no deal outcome, at time of writing it is unclear what the final scenario will be.
