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I've heard that a number of large firms are considering submitting a declaration of non-compliance specifying why they will be non compliant from May and why the Regulator can be confident that the data is secure (even though there is no longer a requirement to hold it), eg de commissioning a...

theoretically you are in control but let's see how many firms are ready for/comply with GDPR.

Correct. You are not in control of your data!!