Home Office minister Lord Henley opposed Lord Marlseford's "one-size-fits-all approach", arguing that the bill already contained provisions to review powers of entry and introduce further safeguards.

BBC: Freedoms Bill: Government defeated over powers of entry

They concede that no self-regulating professional body for managers could possibly monopolise entry to the profession, given the long list of entrepreneurs such as Bill Gates who have created oodles of shareholder value without any formal training.

ECONOMIST: A Hippocratic oath for managers