CeMAP 1 past papers and mock exams
What used to be CeMAP 1 is now two separate assessments: FRE1 and FRE2. Between them they cover the regulatory and ethical foundation — regulators, authorisation, key parties, the Consumer Duty, AML and data protection.
40 questions, every answer explained, no sign-up.
What CeMAP 1 is called now
Under the old structure CeMAP 1 was a single module covering UK financial regulation. From September 2025 it was split in two. FRE1 (Industry, Regulation & Key Parties) handles the framework: the FCA and PRA, FSMA, what makes a loan regulated, the FOS and FSCS, money laundering and how lenders fund themselves. FRE2 (Skills, Principles & Ethical Behaviours) covers conduct: the Consumer Duty, SM&CR, ethics, financial promotions, vulnerable customers, complaints and UK GDPR. You sit them as two separate exams, each 40 marks in 60 minutes with a 70% pass mark.
If your employer, study provider or an older textbook refers to CeMAP 1, they mean FRE1 and FRE2 together.
FRE1 — Industry, Regulation & Key Parties
The scene-setter: who regulates UK financial services, how firms get permission to operate, and who does what in a mortgage transaction. It rewards precise recall — regulator objectives, statutory definitions and compensation limits — and its case studies walk you through processes such as a complaint or a suspicious client.
FRE2 — Skills, Principles & Ethical Behaviours
The conduct unit: how advisers must behave rather than what products do. Consumer Duty, the conduct rules, ethics, financial promotions, vulnerable customers, complaints and data protection — tested heavily through scenarios where several answers sound reasonable and only one puts the customer's interests first.
Try 4 sample CeMAP 1 questions
Taken from the FRE1 and FRE2 papers above. Answer each one, then reveal the explanation.
Regulators & framework
When the Bank of England acts as 'lender of last resort', it is:
- AMaking long-term mortgage loans directly to households the commercial banks have refused
- BLending to the government to fund the budget deficit whenever tax receipts fall short of planned public spending in a given year
- CProviding emergency liquidity support to solvent banks facing short-term funding difficulties
- DGuaranteeing that no UK bank will ever fail
Reveal the answer
C is correct. Lender of last resort means the central bank stands ready to lend to fundamentally solvent institutions suffering liquidity strain, protecting the wider system. It does not lend to households, fund government spending, or promise that failure can never happen.
Regulators & framework
A large high street bank is described as 'dual-regulated'. This means:
- AIt answers to the FCA for its business in England and to a separate national regulator for any branches it operates in Scotland
- BThe PRA regulates its prudential safety and soundness while the FCA regulates its conduct of business
- CIt is regulated by both the FCA and the Financial Ombudsman Service
- DThe FPC handles its conduct and the MPC its capital position
Reveal the answer
B is correct. Deposit-takers, insurers and the largest investment firms are dual-regulated: PRA for prudential matters, FCA for conduct. FOS is a dispute-resolution body, not a regulator, and UK financial regulation does not split along national lines within Great Britain.
FCA Principles
Principle 11 of the FCA's Principles for Businesses requires a firm to:
- ADeal with its regulators in an open and cooperative way, and disclose anything of which the FCA would reasonably expect notice
- BObtain FCA consent before hiring any member of staff
- CCooperate with other firms in the market to standardise pricing
- DPublish its complaints data on its website every month, because Principle 11 governs transparency towards the public rather than the regulator
Reveal the answer
A is correct. Principle 11 is the openness principle: firms must be candid with regulators and proactively disclose significant matters — such as serious rule breaches or major incidents — without waiting to be asked. It says nothing about publishing data, staff hiring consent, or cooperating with competitors (which could itself breach competition law).
SM&CR
The 'duty of responsibility' under SM&CR means a senior manager can face FCA action where a breach occurs in their area of responsibility and:
- AThe firm's profits fell as a result of the breach
- BThey failed to take such steps as a person in their position could reasonably be expected to take to prevent it
- CAny member of their team acted dishonestly, even if well concealed, because the duty imposes strict liability on the responsible manager
- DThey were employed by the firm at the time, regardless of what they did
Reveal the answer
B is correct. The duty of responsibility is not strict liability: the FCA must show the senior manager failed to take reasonable steps to prevent the breach in their area. Mere presence in post, or a well-hidden fraud by a subordinate despite sound oversight, is not enough — the 'reasonable steps' question is central.
CeMAP 1 — common questions
Are there official CeMAP 1 past papers?
No. The LIBF does not release live CeMAP exam papers, so genuine CeMAP 1 past papers are not available from any legitimate source. What you can sit are awarding-body specimen papers, the free Practice Exam that comes with registration, and third-party mocks written to the current FRE1 and FRE2 format — which is what these ten papers are.
Where can I find a free CeMAP 1 mock exam?
FRE1 Paper 1 on this site is free in full — 40 questions with an explanation on every answer, no sign-up. Every other FRE1 and FRE2 paper opens a free 5-question preview.
Is CeMAP 1 the same as FRE1 and FRE2?
Yes. CeMAP 1 was split in September 2025 into two one-hour exams. FRE1 covers industry, regulation and key parties; FRE2 covers skills, principles and ethical behaviours. If your employer or an older textbook says CeMAP 1, they mean both.
How many CeMAP 1 practice papers should I sit?
At least two timed papers per unit — so four across FRE1 and FRE2. Treat the first as a diagnostic. Papers here run easier to harder, so clearing 70% on a Harder paper is a better booking signal than clearing it on the entry paper.
Practise CeMAP 1 properly
10 timed mocks in the real exam formats with real pass marks, and an explanation on every question. FRE1 Mock Paper 1 is free in full; every other paper has a free 5-question preview.