Q. I seem to remember a few years ago that investing in fine wines via savings type schemes was touted to be a lucrative option to the usual type of investments.
Has this proved to be the case?
A. From what we can gather, an awful lot of these schemes seem to have gone bust!
One report shows that savers using this route are estimated to have lost £100m in just four years.
Around 50 companies have gone out of business, with millions of pounds of their investors’ cash disappearing with them.
Also, these firms were not regulated, meaning that investors’ money was not protected by a Financial Services Compensation Scheme.
As ever, make sure you do your due diligence before parting with your cash!