The Royal Free hospital will become a National Health Service (NHS) foundation trust from April 1.
As a foundation trust, the Royal Free will no longer report directly to the Department of Health, although it will remain part of the NHS and provide free services to patients.
Dominic Dodd, chairman, said: “This is very good news for our patients and staff. The freedoms and accountabilities of foundation trust status will help us to accelerate our progress towards providing the very best care to all of our patients all of the time.”
David Sloman, chief executive, said: “I would like to thank the local community and our staff for their support in helping us reach this milestone. It is a real endorsement of the quality of the services we provide and of the strength of the Royal Free as an organisation.”
An independent regulating monitor made the announcement following an assessment which took place over several months.
The new name of the trust will be the Royal Free London NHS Foundation Trust.