Video Games Microtransactions Investigated for Targeting Kids' Money

Parent need to take some responsibility here, but that said, I've fallen foul of this.
As a tech savvy parent whose 3yo racked up 30 quid on a game for iPad (which otherwise had password controls on iTunes downloads) I was surprised that; a. it was possible for apps to bypass this (given that it is effectively an iTunes purchase), b. that the fascist at Apple allow apps to make passwordless purchases (speshly given iOS/iTunes doesn't let me so much as scratch my arse without wanting a password).
I immediately rummaged around the scatterbrained-conceived iOS settings to find how to put a password in place, but all it would let me do is put a total block on in-app purchased.
Of course, the game developers don't get of free. Their greed has to be the only reason they didn't opt to put in a password confirm for purchases, which I'd previously seen and thought was the norm/requirement for iOS