The RICS has been approved by Parliament as a Designated Professional Body (DPB), saving surveyors up to £1300 in FSA registration costs.
The decision follows a two-year campaign by the institution and means it is one of only 10 DPBs recognised by the government.
RICS can now licence and regulate the thousands of surveyors who provide insurance for their customers.
The change means that surveyors will no longer have to apply to the FSA for regulation at a cost of up to £1300.
Sean Tompkins, chief operating officer, said: “This is an important achievement. It is good for our industry, our members and their clients.
“The intervention by the FSA in this market was unnecessary and has resulted in more costs, more form filling, and more resources spent on compliance.
“By awarding RICS DPB status, the Government has recognised that RICS’ existing professional requirements are robust and can be relied upon to regulate the sector.
“As a consequence we can offer significant potential savings for members whilst safeguarding public interests and standards.
“RICS becomes a statutory regulator today having gained the Government’s stamp of approval. We are joining the premier league of professional bodies.”
References: EGi News 10/02/06
