(FTAdviser) - A new self-regulatory body for wine investment companies has been launched to protect consumers following a series of high-profile fraud cases in the UK. Formed with an aim to promote transparency among member firms and stamp out fraudulent activity in the sector, the Wine Investment Association (WIA) comes at a time when some investors have lost thousands of pounds due to wine that was never delivered and the City watchdog has issued fresh warnings against promoting the asset class.