Property managers and surveyors have been granted the right to opt out of FSA regulation for insurance-related activities.

The Royal Institution of Chartered Surveyors (RICS) has been granted 'designated professional body status' and therefore the right to self-regulate the industry.

Since 15 January members of the profession that deal with their clients' insurance arrangements were forced to register with the FSA and undergo compulsory training in insurance matters.

According to a report, the move will save surveyors and managers over £1,000 a year in fees, training and compulsory annual audit costs imposed by the FSA.

However, members of the industry that opt for RICS regulation must provide full details of any commission they receive from insurance-related activities - a requirement not enforced under the current FSA regime.

RICS chief executive Louis Armstrong said: "This is an important achievement. It is good for our members and good for the industry."