1.1 About the CeMAP Module 1 (FSRE) Exam

About the CeMAP Module 1 (FSRE) Exam

Quick Answer: CeMAP Module 1 is the Financial Services, Regulation and Ethics (FSRE) module — a Level 4 RQF qualification awarded by Walbrook Institute London (formerly LIBF). From September 2025 it replaced the old UKFR (Level 3) unit and is now assessed as two 1-hour units, FRE1 and FRE2, each worth 40 marks and requiring a 70% pass mark. Registration costs £330 (including study materials and the first sitting per unit); a resit costs £120 per unit. The exam is sat online via Brightspace with remote invigilation and same-day results.

What Is CeMAP?

The Certificate in Mortgage Advice and Practice (CeMAP) is the UK's leading mortgage-adviser qualification, awarded by Walbrook Institute London (which succeeded The London Institute of Banking & Finance, LIBF). It is the benchmark qualification for anyone who wants to advise on residential mortgages in the UK and is recognised by the Financial Conduct Authority (FCA) as meeting the qualification standards for mortgage advisers.

The full CeMAP qualification has three modules:

You must pass all three modules to use the CeMAP designation and to advise on mortgages as a regulated professional. This study guide covers Module 1 only.

Where FSRE Fits and the September 2025 Change

From September 2025, Walbrook restructured Module 1. The previous Level 3 unit — UK Financial Services and Regulation (UKFR) — was replaced by Financial Services, Regulation and Ethics (FSRE), which sits at Level 4 on the Regulated Qualifications Framework (RQF). The upgrade reflects the broader applied content now examined, particularly in conduct, ethics and the advice process.

The current specification is the April 2026 spec, which supersedes the September 2025 version. Use only study materials aligned to the September 2025 or April 2026 specification; older guides that refer to Unit 1, Unit 2 or UKFR are out of date.

The FRE1 / FRE2 Structure

FSRE is split into two units, each sat separately:

• FRE1 — Industry, Regulation and Key Parties covers the UK financial services industry, the FCA, PRA, Bank of England, FOS, FSCS, advice channels, authorisation, anti-money laundering, consumer credit and data protection.
• FRE2 — Skills, Principles and Ethical Behaviours covers the advice process, Principles for Businesses and Conduct Rules, record keeping, AML, data protection, complaint handling, FSCS, the regulatory advice framework, ethics, whistleblowing and CPD.

Each unit is 1 hour long and worth 40 marks. The 40 marks are made up of 25 standalone multiple-choice questions plus 3 case studies, each with 5 linked MCQs. Both units carry equal 50% weight; you must pass each unit separately at 70% to complete Module 1.

Pass Marks, Merit and Distinction

The pass thresholds are fixed by Walbrook:

A score below 70% in either unit means you must resit that unit. You will not receive the Module 1 certificate until both FRE1 and FRE2 have been passed.

Registration, Fees and Resit Limits

When you register through Walbrook or an approved training provider, you pay a £330 registration fee that covers the study materials and the first exam sitting for each unit. If you fail a unit, each resit costs £120 per unit.

Your registration lasts 12 months — during that window you must sit each unit at least once. Under the April 2026 specification, the resit rules are:

• Maximum 3 attempts in any 7-day period
• Maximum 10 attempts in any 12-month period

These limits are per unit, not across both units.

Delivery: Brightspace, Remote Invigilation, Same-Day Results

FSRE exams are delivered online through Walbrook's Brightspace learning platform. You sit the exam remotely under live invigilation — there is no need to book a test centre or attend in person. You can sit FRE1 and FRE2 in either order, when you feel ready, within your 12-month registration window. Results are issued the same day.

Because delivery is on demand, plan your study so that you sit each unit only once you are scoring consistently above 70% in timed mocks.

Who Takes This Exam and Prerequisites

FSRE is aimed at:

• Trainee mortgage advisers who need Module 1 as the first step towards the full CeMAP qualification.
• Practising mortgage advisers refreshing or formalising their regulatory and ethics knowledge.
• Paraplanners, mortgage administrators and customer-facing staff in mortgage or wider financial services firms.
• Career changers entering UK financial services who want a recognised entry-level professional qualification.

There are no formal academic entry requirements. There is no minimum age and no prior industry experience required, although candidates must provide identification as required by the online proctoring process.

Total Qualification Time

Walbrook specifies 100 hours of Total Qualification Time (TQT) for FSRE, of which roughly 2 hours are Guided Learning Hours (GLH) — the rest is self-study. Most candidates spread the 100 hours over 6 to 8 weeks of part-time study. The breakdown roughly maps to:

• ~50 hours FRE1 study + practice
• ~50 hours FRE2 study + practice
• Mock exams and revision within each block

Progression After Module 1

Once you have passed FRE1 and FRE2 you have completed CeMAP Module 1. The natural next steps are:

1. CeMAP Module 2 — Mortgage Law, Policy and Practice.
2. CeMAP Module 3 — applied mortgage advice case study assessment.
3. Full CeMAP designation — once Modules 1, 2 and 3 are all passed.
4. DipFA — if you want to move beyond mortgages into broader regulated financial advice.

Module 1 is the foundation: the regulation, legal concepts, ethics and product knowledge it tests underpin everything you will encounter in Modules 2 and 3.