Tuesday 4 December 2012
Cult Wines Ltd rejects WIA
Cult Wines Ltd were invited to be one of the founder members of the WIA. In this statement the co-directors explain why for the moment they have rejected membership:
Statement provided from Tom Gearing & Philip Gearing – Co-Directors of Cult Wines Ltd:
The Wine Investment Association
Cult Wines Ltd would like to recognise the WIA and applaud the founding members for their efforts in launching the introduction of regulation into the fine wine market.
Cult Wines were initially invited to participate as founding members but felt however that there were two key areas that would need to be addressed before we could consider membership;
- The issue of cold calling is currently approved by the WIA and whilst the members may adhere to certain guidelines we firmly believe that this practice should be not be acceptable under any circumstances.
- We would prefer to see this type of regulation managed by a completely independent body supported by the members rather than a form of self-regulation.
Cult Wines Ltd are not alone in finding cold calling an unacceptable practice. The Financial Services Authority (FSA) bans cold calling to strangers for investments that come under its remit. Companies may cold call existing customers but only if they are anticipating a call.
The Wine Investment Association cannot expect to be taken seriously until it bans cold calling to strangers and comes into line with the FSA rules and guidelines. See here.