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December 4, 2012 | 1:10 PM

On the heels of another UK based wine investment company going under the Wine Investment Association, a body committed to setting standards for wine investment, launched this week.

Investments in wine are unregulated, which means that investors do not have recourse to the Financial Services Compensation Scheme. Wine is probably the best known unregulated investment – and in recent years, it's seen any number of casualties in the UK and abroad.

Members of the Wine Investment Association will be expected to stick to a code of conduct that restricts business practices such as high-pressure sales.

Companies will also be subject to an audit to ensure that they can fulfil orders and that customers are entitled to their wine.

Chairman and founder member, Hugo Rose MW, said that as wine investment was worth some £200 million in the UK, it “should be safe”.

 

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