It said that children's data may have been used to track and profile them, and potentially present them with harmful or inappropriate content.
Information commissioner John Edwards said: "There are laws in place to make sure our children are as safe in the digital world as they are in the physical world. TikTok did not abide by those laws.
"As a consequence, an estimated one million under-13s were inappropriately granted access to the platform, with TikTok collecting and using their personal data.
"TikTok should have known better. TikTok should have done better. Our £12.7m fine reflects the serious impact their failures may have had."
Later, he told BBC News TikTok had "taken no steps" to obtain parental consent.
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Information commissioner John Edwards said: "There are laws in place to make sure our children are as safe in the digital world as they are in the physical world. TikTok did not abide by those laws.
"As a consequence, an estimated one million under-13s were inappropriately granted access to the platform, with TikTok collecting and using their personal data.
"TikTok should have known better. TikTok should have done better. Our £12.7m fine reflects the serious impact their failures may have had."
Later, he told BBC News TikTok had "taken no steps" to obtain parental consent.
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