I was using a Chrome shortcut with allow-file-access-from-files in the target to work on my three.js student project files. But sometime this morning this stopped working an
The answer I came up with was to use Firefox instead of Chrome changing the security policy as detailed in https://github.com/mrdoob/three.js/wiki/How-to-run-things-locally
Not a perfect answer but with a deadline looming it's the best workable answer for me right now as trying different variations of Chrome, trying Wamp and also Mongoose didn't work. If I had more time I would work out how to use Python or probably node.js as I've seen it mentioned a number of times as being the faster option.
What gman stated is true, using the Chrome flag (and changing Firefox's security policy) does create a big security risk. But only if you use that shortcut (and it's tabs etc.) for anything other than accessing your own local files. I've been scrupulous about not using it for the internet but don't use this method if you can't be strict with yourself.
Ideally I'd recommend beginning any project with node.js.