SJP was founded in 1991 by Sir Mark Weinberg with the backing of Jacob Rothschild, the financier who died this week at 87.
The business set itself up as a provider of elite financial advice to wealthy clients but was always dogged by allegations that its charges were excessive.
Regulatory scrutiny and customer complaints have increased over the years.
Today SJP reported a loss of £9.9 million compared with a profit last time of £407 million. The dividend has been more than halved to 23.83p with future payouts clearly at risk.
The provision of £426 million has been "established for potential client refunds linked to the historic evidencing and delivery of ongoing servicing".
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