Can I recoup my losses from my credit card provider?

Q A couple of years ago I invested ?2,000 in an art investment scheme that has since turned out to be fraudulent and is the subject of a DTI investigation.

The DTI initial report has made it clear that investors are extremely unlikely to get any of their money back. I paid the ?2,000 using my First Direct Gold credit card. Can I get any compensation from the credit card provider?

NB

A As long as you paid by credit card (and not charge card) and the payment was made directly to the art investment scheme, you are covered by Section 75 of the Consumer Credit Act 1974. This allows you to claim compensation from the credit card company if the supplier is in breach of contract or guilty of misrepresentation.

You would have to show that the art investment scheme's fraudulent behaviour means they have broken their agreement with you or led to an inaccurate description of the service. Bear in mind that your claim is not limited to a refund of the price since you are entitled to claim for consequential losses - meaning that if you have been put to any expense as a result of the investment scheme's fraud, you can claim for this as well.