Free Practice Questions for CeMAP Module 1
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Key Facts: CeMAP Module 1 Exam
100 questions
Module 1 total across two units, FRE1 (50) and FRE2 (50)
LIBF - Improvements to CeMAP from 30 September 2025
70%
Pass mark required in each CeMAP Module 1 unit
LIBF - Improvements to CeMAP from 30 September 2025
1 hour
Time limit for each unit of 50 multiple-choice questions
LIBF (Walbrook Institute London) - FSRE
Level 4
FSRE moved to Ofqual Level 4 under the new syllabus
LIBF - Improvements to CeMAP from 30 September 2025
30 Sept 2025
Date UKFR was replaced by FSRE for CeMAP Module 1
LIBF - Improvements to CeMAP from 30 September 2025
2 units
Module 1 is assessed as FRE1 and FRE2, each marked separately
LIBF - Improvements to CeMAP from 30 September 2025
LIBF
London Institute of Banking & Finance awards the CeMAP qualification
LIBF - Financial and Mortgage Advice qualifications
100
Free original practice questions here
OpenExamPrep
CeMAP Module 1 - Financial Services, Regulation and Ethics (FSRE) - is the foundation module of the LIBF Certificate in Mortgage Advice and Practice. From 30 September 2025 it was renamed from UK Financial Regulation (UKFR) to FSRE and moved to Level 4. It is assessed as two units, FRE1 and FRE2, each with 50 multiple-choice questions, a one-hour limit and a 70% pass mark, so the module totals 100 questions. It covers the UK financial services industry, the regulatory framework (FSMA, FCA, PRA, SM&CR), consumer protection (FOS and FSCS), data protection, anti-money laundering and ethics including the Consumer Duty. This 100-question bank gives original single-best-answer practice modelled on those areas.
Sample CeMAP Module 1 Practice Questions
Try these sample questions to review concepts for the CeMAP Module 1 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Which body is the UK's lead conduct regulator for retail financial services firms, including mortgage advisers?
2The legislation that provides the main statutory framework for regulating financial services in the UK is the:
3Which regulator is primarily responsible for the prudential safety and soundness of banks, building societies and insurers?
4An adviser tells a client that money held in a bank protected by the Financial Services Compensation Scheme (FSCS) is covered up to a certain limit per person per banking licence. What is that deposit protection limit?
5A customer is unhappy with how a mortgage firm handled their case and the firm has issued its final response. The customer wants an independent, free way to have the complaint reviewed. Which body should they contact?
6The FCA Principles for Businesses are high-level standards that apply to authorised firms. Which Principle requires a firm to conduct its business with integrity?
7Which FCA Principle is most directly associated with the requirement to treat customers fairly?
8The FCA's Consumer Duty is built around a Consumer Principle. Which statement best describes that overarching principle?
9The Consumer Duty sets out four specified outcomes. Which of the following is one of those four outcomes?
10Under the Senior Managers and Certification Regime (SM&CR), individuals holding the most senior roles requiring FCA approval hold:
About the CeMAP Module 1 Exam
CeMAP Module 1 - Financial Services, Regulation and Ethics (FSRE) - is the foundation module of the Certificate in Mortgage Advice and Practice (CeMAP), the main qualification for mortgage advisers in the UK. It is awarded by the London Institute of Banking & Finance (LIBF). From 30 September 2025 the module was restructured and renamed from UK Financial Regulation (UKFR) to FSRE and moved to Ofqual Level 4. Module 1 is assessed as two units, FRE1 and FRE2, each consisting of 50 multiple-choice questions with a 70% pass mark and a one-hour time limit. The module covers the purpose and structure of the UK financial services industry and its main products; the regulatory framework, including the Financial Services and Markets Act, the FCA and PRA, the FCA Principles and the Senior Managers and Certification Regime; consumer protection through the Financial Ombudsman Service and the Financial Services Compensation Scheme; data protection under UK GDPR; anti-money laundering and financial crime; and professional ethics, treating customers fairly and the Consumer Duty.
Exam sponsor: London Institute of Banking & Finance (LIBF), operated by Walbrook Institute London. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.
Assessment
Module 1 is assessed as two units. FRE1 and FRE2 each contain 50 standalone multiple-choice questions, giving 100 questions for the module. There are no case-study questions in Module 1.
Time Limit
1 hour per unit: 1 hour for FRE1 and 1 hour for FRE2, sat as two separate online exams (2 hours total for the module).
Passing Score
70% in each unit. You must reach 70% in both FRE1 and FRE2 to pass CeMAP Module 1.
Exam / Certification Fees
The first exam attempt is included in the LIBF registration fee for each unit (Module 1 is registered as FRE1 and FRE2). LIBF also sells an optional specimen exam covering the whole module for around GBP 40.
Exam sponsor websiteFees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.
Our practice resources: topics covered
We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.
The UK financial services industry
Purpose of the UK financial services industry and the main types of provider; banking and savings, protection and insurance, pensions and investments, and an overview of mortgages. Practice here covers how products meet consumer needs, the roles of banks, building societies, insurers and advisers, and the difference between deposit-taking, lending and investment business.
The UK regulatory framework
The Financial Services and Markets Act as the basis for regulation; the roles of the FCA and PRA; the FCA Principles for Businesses and conduct rules; authorisation and the regulated activities regime; and the Senior Managers and Certification Regime (SM&CR). Practice here focuses on who regulates what, the FCA's operational objectives and how conduct rules apply to individuals and firms.
Consumer protection
The Financial Ombudsman Service (FOS) and how disputes are resolved; the Financial Services Compensation Scheme (FSCS) and its limits; firms' complaint-handling obligations; and data protection under UK GDPR. Practice here covers eligibility, compensation limits, time limits and the difference between the FOS and the FSCS.
Financial crime and ethics
Anti-money laundering controls and the money-laundering offences; reporting suspicious activity; treating customers fairly; professional standards and conflicts of interest; and the FCA Consumer Duty. Practice here covers customer due diligence, the role of the nominated officer, and applying the Consumer Duty's good-outcomes requirements to mortgage advice.
Preparing for the CeMAP Module 1 Exam
What You Need to Know
- Passing score: 70% in each unit. You must reach 70% in both FRE1 and FRE2 to pass CeMAP Module 1.
- Assessment: Module 1 is assessed as two units. FRE1 and FRE2 each contain 50 standalone multiple-choice questions, giving 100 questions for the module. There are no case-study questions in Module 1.
- Time limit: 1 hour per unit: 1 hour for FRE1 and 1 hour for FRE2, sat as two separate online exams (2 hours total for the module).
- Exam / certification fees: The first exam attempt is included in the LIBF registration fee for each unit (Module 1 is registered as FRE1 and FRE2). LIBF also sells an optional specimen exam covering the whole module for around GBP 40. Official sources
Using Our Practice Resources
- Work through all 100 available questions
- Review every answer and explanation
- Track weak areas and revisit them
- Use our AI tutor for tough concepts
CeMAP Module 1: Suggested Study Strategy
Frequently Asked Questions
How many questions are in CeMAP Module 1?
Module 1 (FSRE) has 100 multiple-choice questions in total, split across two units: 50 questions in FRE1 and 50 questions in FRE2. Each unit is a separate online exam.
What is the pass mark for CeMAP Module 1?
The pass mark is 70% in each unit. You must reach 70% in both FRE1 and FRE2 to pass Module 1; the units are marked separately.
What changed when UKFR became FSRE in 2025?
From 30 September 2025 LIBF renamed CeMAP Module 1 from UK Financial Regulation (UKFR) to Financial Services, Regulation and Ethics (FSRE), moved it to Ofqual Level 4, deepened the content and split it into two units, FRE1 and FRE2.
How long do I have for each unit?
Each unit has a one-hour time limit for its 50 multiple-choice questions, so the whole module takes about two hours of exam time across the two sittings.
Who awards CeMAP and how is the exam taken?
CeMAP is awarded by the London Institute of Banking & Finance (LIBF). The exams are computer-based multiple-choice tests taken online with remote invigilation or at a test centre.
Are these official LIBF practice questions?
No. These are original OpenExamPrep questions modelled on the FSRE syllabus areas. LIBF provides its own learning materials and a paid specimen exam separately.