StanChart: what's to stop a regulatory body going rogue?

Still possible that the New York DFS allegations are untrue.

Whether true or not, the New York Department of Financial Service's accusations have caused a whole lot of trouble for Standard Chartered, but the key point is that they still may not be true.

The accusations are fairly detailed, but are also unbacked by facts, highly unusual for this sort of announcement. The regulatory body will have to prove their allegations are true on August 15, but unfortunately for Stan Chart the markets operate on a "no smoke without fire" basis.

The company's shares suffered their steepest one-day decline in several decades on Tuesday, dropping more than 16 per cent.The shares have bounced back slightly since then, but the damage has been done.

“This has been incredibly damaging,” analysts at Charles Stanley confirmed in a note. “It is ruining all the good work that [has been] done in recent years.”

If the accusations do turn out not to be true, StanChart is still left in pieces. How are regulatory authorities allowed to wreak this sort of havoc? (British MPs have already accused the New York DFS of a motivated attack, in pursuit of an anti-city agenda.)

As a spokesperson for the British Banking Authority said:

"There really isn't anything that stops a regulatory authority from making accusations."

Perhaps reassuringly, every part of this incident points to something quite unusual on the part of the New York DFS. Firstly the announcement itself completely sidesteps normal procedure. Most cases of this kind would first be compiled in full, the evidence fully collected and an opportunity  given to the company in question to defend themselves, before an announcement could then be made. The language used by the NY DFS also stands out. "Rogue institution", as they dubbed StanChart, is just one example of the unusually inflammatory phrasing.

Standard Chartered. Photograph: Getty Images

Martha Gill writes the weekly Irrational Animals column. You can follow her on Twitter here: @Martha_Gill.

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The most British thing happened when this hassled Piccadilly line worker had had enough

"I try so hard to help you Soph, so hard."

Pity the poor Piccadilly Line. Or rather, pity the poor person who runs its social media account. With the London Underground line running with delays since, well, what seems like forever, the soul behind Transport for London's official @piccadillyline account has been getting it in the neck from all quarters.

Lucky, then, that the faceless figure manning the handle seems to be a hardy and patient sort, responding calmly to tweet upon tweet bemoaning the slow trains.

But everyone has their limit, and last night, fair @piccadillyline seemed to hit theirs, asking Twitter users frustrated about the line to stop swearing at them in tones that brought a single, glittering tear to this mole's eye.

"I do my best as do the others here," our mystery hero pleaded. "We all truly sympathise with people travelling and do the best we can to help them, shouting and swearing at us does nothing to help us helping you."

After another exchange with the angry commuter, @piccadillyline eventually gave up. Their tweet could melt the coldest heart: "Okay, sorry if your tweet mixed up, I won't bother for the rest of my shift. I try so hard to help you Soph, so hard."

Being a mole, one has a natural affinity with those who labour underground, and I was saddened to see poor @piccadillyline reduced to such lows especially so close to Christmas. Luckily, some kind Londoners came to their defence, checking in on the anonymous worker and offering comfort and tea.

And shortly after, all seemed to be well again:

I'm a mole, innit.