The Catholics do have a point in their argument about Protestantism. Because this is why you have open homosexuals serving in the Episcopal Church and other liberal denominations also going over the cliff - the United Methodists, the Presbyterian Church USA, the ELCA, etc. Without a central authority, the liberals can gain control of a denomination and push their agenda on the entire church body.
If we use the Bible as our guide, particularly the book of Acts, we see that the Apostles chose a council of equals to serve as the authority for doctrine.
The Ancient Christian Church continued that tradition when it used an Ecumenical Council to formally decide which books would comprise the New Testament.