Oval hit by £204,000 professional indemnity claim

Oval has paid £204,000 in compensation following a claim against one of its subsidiaries.

The claim is against one of Oval’s subsidiaries which it bought in 2005. The claim dates back to pension advice provided in 1992, some 13 years before Oval bought the firm.

However, Oval has had to pick up the tab for the claim and has written it down in its 2011 accounts. Oval has marked down the compensation as a ‘professional indemnity claim’ the accounts.

Despite the claim, Oval’s writedowns for exceptional items reduced to £882,000 in 2011 compared to £4.2m last year.