GDPR and financial advice: Processing data on children

A key part of the financial advice process is advising families on their finances and, obviously enough, this often includes dependants of the person or persons to whom the advice is being offered. The General Data Protection Regulation (GDPR) makes special mention of children and, for the purposes of the regulation, consent cannot be granted without parental approval by anyone under the age of 13. Upon their 13th birthday, data subjects can freely consent to how their data is processed - in other words, they can sign up to newsletters and appropriate alerts. Unlikely as it may be tha...