Review into use of children’s data by financial services

More can be done by the financial services sector when dealing with children’s data.  

That’s the conclusion of our review into the gathering of children’s data from services supplying them with current accounts, savings accounts, trust accounts, ISAs and prepaid cards.  

Details of the review findings have now been published on our website and set out areas of good practice as well as where financial services organisations need to make improvements in areas such as governance, transparency and consent.  

Examples include the need to revisit privacy information as children age and their understanding increases, having specific training for staff on children’s data protection and making more of a distinction between parents and children when conducting marketing.  

Ian Hulme, ICO Director of Regulatory Assurance, said:

“Children’s data needs specific protection, as they may be less aware of the risks and consequences of it being processed. Children are important customers to the financial services sector and I would urge those working in this area to read this outcomes report to help them make the improvements that are needed.”