Glasgow-based wealth manager JG Wealth Management Limited (FRN 165729) - which traded under numerous different names include ‘Rest Eazy’ - has been declared in default by the Financial Services Compensation Scheme.

The default declaration on the failed firm opens the door to clients with valid claims to seek compensation of up to £85,000 per claim.

The FSCS told Financial Planning Today that JG Wealth Management was declared in default yesterday (16 April), when the first claim was upheld. There are three claims against the firm so far for investment and pension advice. The pension claims are not BSPS related.

FSCS details show the firm JG Wealth Management Ltd was formerly known as Johnston Gray & Wardrop Ltd. It was based in West George Street, Glasgow.

The firm had numerous trading names and appointed rep connections with some 16 staff listed on the FCA register as having worked for the company.

CF1 directors, a senior role, included: Daniel Joseph Anthony Boyle; Rita Mary Brown; Steven James Henderson; Leslie Gray; Alan Wardrop; John Stephen Leonard and Seonaig Helen Mutch.

FCA register details show the firm was in business from 1998 but ceased to be authorised after September 2023. Companies House records show active attempts to dissolve the company this month.

The firm traded under numerous different names including: Rest Eazy, McVey & Murricane Financial Services, Clark Boyle (Financial Services) Limited, Johnston Gray & Wardrop Limited and JG Wealth Management Limited (from 2018 onwards).

The firm was also connected to many appointed rep firms over a 20 year period. Appointed reps included Brownhill Financial Planning Limited, Calm Money Limited, Instant Adviser Limited, Rest Eazy Ltd, Soccer Savings Ltd and Soccerfans United Ltd.

• Story updated with details of claims.