FRE1 Mock Paper 1 — Industry, Regulation & Key PartiesEasier
The free FRE1 starter mock: 25 standalone questions plus case studies on a complaint, a trainee adviser and a suspicious deposit. 40 marks, 60 minutes.
This whole paper is free — no sign-up. Start below when you're ready. Or unlock all 28 papers — £29.99.
Ready when you are
The timer starts when you press the button. You can still finish after it runs out — it is there to mimic exam pressure, not to lock you out.
Answer options are shuffled on every attempt. Your progress is saved as you go, so a refresh won't lose it.
About FRE1 Mock Paper 1
This is mock paper 1 of 5 for FRE1, the Industry, Regulation & Key Parties unit of CeMAP. The 5 papers in this unit run easier → harder so you can build up to exam standard rather than being thrown in at the deep end. This one sits in the easier tier: the wording is clean and the wrong answers are less subtle than the ones the examiner writes, so it is the right place to find out what you actually know.
It is free to sit in full, with no account and no card, and every question is published on this page with its answer and explanation. Questions are original, written against the 2025/26 five-unit CeMAP syllabus, and cover the material the way the examiner tests it — precise recall where recall is tested, and judgement where the paper wants judgement.
Format, timing and pass mark
FRE1 Mock Paper 1 follows the live FRE1 format: 25 standalone questions + 3 case studies × 5 linked questions, in 60 minutes — about 90 seconds a question. Pass mark 28/40 (70%), as in the real assessment. There is no negative marking, so answer everything. 3 case studies carry linked questions: read each scenario once, carefully, before answering any part of it.
What this paper tests
The 40 questions in FRE1 Mock Paper 1 break down across 9 topic areas:
- Authorisation & conduct6 questions
- Regulators & framework6 questions
- Consumer protection & redress5 questions
- CS1 — Complaints & redress5 questions
- CS2 — Advisers & competence5 questions
- CS3 — Financial crime5 questions
- Market & parties4 questions
- Data protection2 questions
- Financial crime2 questions
Reviewing rather than sitting it?
Every question in this paper is published with its answer and a written explanation on a separate page — deliberately not on this one, so the answers are not sitting under the paper while you are taking it.
All 40 questions & answers →Scored under 70%? Revise these next
A near miss is almost always a calculation you cannot do under time pressure, a definition you half-know, or a rule you have never read in the examiner's words. Start with the topic areas above where you dropped marks, then:
- →Drill the calculations on the CeMAP formula sheet — LTV, income multiples, SDLT, APRC, ERCs and rental cover, each worked through.
- →Nail the terminology in the CeMAP glossary — a surprising share of wrong answers are a term you nearly knew.
- →Re-read the syllabus coverage on the FRE1 exam guide, then sit the next paper in the ramp.
The other FRE1 mock papers
5 timed mocks for this unit, running easier → harder. Sitting the whole ramp is what moves a borderline score to a comfortable pass.