The decision to strip former Royal Bank of Scotland boss Fred Goodwin of his knighthood has been criticised by business and political figures.
The Queen cancelled and annulled the title on the advice of the forfeiture committee - whose members include top civil servants and the head Treasury lawyer - in a decision welcomed by party leaders.
The Institute of Directors (IoD) warned of politicians creating "anti-business hysteria" over the matter. Its director-general Simon Walker told the BBC that removing a knighthood because "you don't approve of someone" without there being any criminal conduct "politicises the whole honours system".
In the past, only convicted criminals or people struck off professional bodies have had knighthoods taken away.
Former Confederation of British Industry chief Lord Digby Jones, a former trade minister under Labour, said there was "the faint whiff of the lynch mob on the village green" about the decision. However, he added he did not disagree with the end result to strip the honour.
Personally believe he should of been stripped of his knighthood for 'services to Banking' before now, as should any/all of his cohorts who headed other bailed out companies who received similar 'honours', whether a Knighthood or lesser honour, plus those in public officer such as the FSA & Bank of England who were meant to be regulating and monitoring the likes of RBS, HBOS, Northern Rock, etc.
The Honours Forfeiture Committee considers cases where a recipient's actions "raise the question of whether they should be allowed to continue to be a holder of the honour".
- The former spy Anthony Blunt was stripped of his knighthood in 1979 for the treachery of supplying hundreds of secret documents to the Soviets while a wartime agent for MI5.
- Jockey Lester Piggott was stripped of an OBE after he was jailed in 1987 for tax fraud.
- former head teacher who was made a dame for services to education had her honour revoked, two years after being found guilty of misconduct.
- Former world boxing champion Naseem Hamed was stripped of his MBE after a car crash injured others
- Jack Lyons who were convicted in 1990 of illegally boosting the price of shares was stripped of his knighthood
- Joseph Jonas, the former Lord Mayor of Sheffield, was stripped of his knighthood relating to contacts with a German a year before World War I.
- Irish-born colonial officer Roger Casement forfeited his honour when he was convicted of treason for aiding those involved in Ireland's 1916 Easter Rising
- The Queen annulled Zimbabwean President Robert Mugabe's honorary Knighthood in 2008
- Romanian dictator Nicolae Ceaucescu and Italy's Fascist leader Benito Mussolini were also stripped of honorary knighthoods in the past.