You can preserve the Order, then you can do:
from collections import OrderedDict
print OrderedDict((frozenset(item.items()),item) for item in data).values()
# [{'a': 123, 'b': 1234}, {'a': 3222, 'b': 1234}]
If the order doesn't matter, then you can do:
print {frozenset(item.items()):item for item in data}.values()
# [{'a': 3222, 'b': 1234}, {'a': 123, 'b': 1234}]