The National Fraud Intelligence Bureau (NFIB) has formed a partnership with the Wine Investment Association (WIA). Their aim, to provide better protection for the industry and to increase consumer confidence.
Every year millions of pounds are invested in what until now has been an unregulated wine market.
In recent times there has been a steady increase in cases of wine investment fraud, malpractice and misrepresentation. This includes people being duped into buying wine or vineyards that bear little resemblance to what is shown on the prospectus, or don’t exist.
To tackle this criminality the NFIB and WIA are now working to establish a new regulatory framework for industry members, overseen by an external auditor.
Director of the NFIB, Det Supt Dave Clark, said: “Fraudsters will always follow the money, with wine investment just the latest in a long line of investment opportunities that are being exploited and corrupted to the detriment of the industry. The NFIB see an auditable framework of self regulation as a real and positive step towards maintaining and increasing consumer confidence and assisting us to highlight those who do not operate to the necessary high standards.”
And Peter Shakeshaft, Director of the WIA said: “WIA provides industry guidance to companies that trade in fine wine with the aim of protecting their customers and the integrity of the industry. Those companies who have successfully completed the independent audit process commissioned by the Association will bear the WIA logo offering consumers a ‘safety kitemark’ to trust. We welcome our association with the NFIB and their support in addressing the issues the industry facesand look forward to growing our community of trusted providers.”
