CeMAP 1 mock exams & practice papers
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.
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.
Practise CeMAP 1 properly
10 timed mocks in the real exam formats with real pass marks, and an explanation on every question. FRE1 Paper 1 is free in full; every other paper has a free 5-question preview.