Bank rejects 'inaccurate' claims

The British banking industry has been mired in fresh scandal after Standard Chartered was branded a "rogue institution" for covering up billions of pounds of illegal transactions with the Iranian government.

The 160-year-old bank saw shares plunge 24%, wiping £10 billion from its value, after regulators claimed its underhand tactics exposed the US to terrorists and drug kingpins. The allegations will come as a shock given Standard's reputation as a safe and sound bank, which described its approach as "boring" amid the turmoil engulfing the sector.