"Compliance gone mad": Brokers baffled by small print aimed at 7-year olds

Brokers have been left baffled — yet encouraged in equal measure — by some small print on the Nationwide's website. The small print in question informs kids aged 7-12 how Nationwide uses their information. There is another version for kids aged 13-17 and then the full blown version for adults.

Sean Horton, Managing Director at Respect Mortgages, said: "Whilst I applaud Nationwide's extreme effort to educate the next generation, I can't help but chuckle at the thought of a seven-year-old phoning the ICO about data breaches between episodes of Bluey.

“Yes, we desperately need better financial education, but privacy notices for primary school children, who aren't even able to open an account without the help of an adult? Compliance gone mad.”

Katy Eatenton, Mortgage & Protection Specialist at Lifetime Wealth Management, also thinks this kind of approach by lenders has legs, if adapted slightly: “Though it may seem absurd, I do think there is good reason to this. Perhaps this content could be better brought to life in the form of short YouTube videos or even laid out in a comic-book style. Lenders who do this could make a name for themselves and potentially pioneer a new kind of financial education.”

Meanwhile, Michelle Lawson, Director at Lawson Financial, says she feels like she is living in a parallel universe: “While Nationwide can be applauded for inclusion here, it begs the question as to whether a 7-year-old will even think about this kind of thing, ask about it or even want to call up anyone to discuss it — let alone have access to the internet. I feel like I am in a parallel universe when we are getting to this point in the world.”

Rob Peters, Principal at Simple Fast Mortgage, said the smallprint bordered on the Daliesque: "It’s a bit surreal picturing a 7-year-old ringing up Nationwide about their data rights, but ultimately, they’re just complying with the letter of the law. Now if this was combined with genuinely engaging, fun financial education initiatives for kids, it would be brilliant, meaningful learning which is exactly what the nation is lacking."

Kundan Bhaduri, Entrepreneur at The Kushman Group, agreed, although said it borders on comedy gold: “It’s equal parts surreal and brilliant. Yes, the idea of a 7-year-old reading about data privacy between CBeebies episodes might seem absurd (and I’m not convinced many of them are booking appointments with the ICO just yet) but in principle, it’s a step in the right direction. We are crying out for better financial education in this country, so why not start early? If kids can navigate YouTube algorithms, they can begin to grasp the basics of personal data and finance, especially when explained in plain English. That said, there’s always the risk that regulation trips over itself and ends up producing child-friendly GDPR leaflets that read like a Kafka novel. The key is clarity without condescension, something banks often struggle with even for adults. So credit to Nationwide for making the effort, even if the mental image of a 9-year-old calling the ICO about cookie consent borders on comedy gold. We need a financially literate next generation, and this is a right first step.”