FRE2 Mock Paper 4 — Skills, Principles & Ethical BehavioursHarder
Harder FRE2 mock built around ethics, vulnerability and whistleblowing, where several answers look defensible and only one puts the customer first. 40 marks.
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.
Free preview: the first 5 of 40 questions, with a timer to match. Unlock the full paper
Answer options are shuffled on every attempt. Your progress is saved as you go, so a refresh won't lose it.
About FRE2 Mock Paper 4
This is mock paper 4 of 5 for FRE2, the Skills, Principles & Ethical Behaviours 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 harder tier: it is deliberately pitched above the live exam, so passing it means you should clear the real thing with room to spare.
Every question carries a written explanation, so a wrong answer tells you which rule you have misread instead of just costing you a mark. 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
FRE2 Mock Paper 4 follows the live FRE2 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 FRE2 Mock Paper 4 break down across 20 topic areas:
- Ethics5 questions
- Vulnerable customers5 questions
- Consumer Duty3 questions
- Data protection3 questions
- Whistleblowing3 questions
- Adviser skills2 questions
- Anti-money laundering2 questions
- Bribery & inducements2 questions
- Complaints2 questions
- Conflicts of interest2 questions
- Financial promotions2 questions
- Conduct rules1 question
- Conflicts & inducements1 question
- Culture & conduct1 question
…plus 6 further topic areas spread across the case studies.
Try two questions from FRE2 Mock Paper 4
These come from the free preview of this paper. Answer them, then reveal the explanation.
Consumer Duty
Which of the following is the best example of 'foreseeable harm' that the Consumer Duty requires a firm to avoid causing?
- ACustomers rolling onto an uncompetitive rate because the firm's maturity communications were designed to be easy to ignore
- BA customer regretting a purchase that was suitable when made and clearly explained
- CHarm caused entirely by a fraudster with no connection to the firm's systems
- DA customer losing money because interest rates moved unexpectedly after completion, since firms are expected to predict future market movements for each borrower
Reveal the answer
A is correct. Foreseeable harm is harm the firm could reasonably predict and prevent through its own actions — poor communication design that predictably leads customers into worse outcomes is squarely in scope. Unpredictable market movements, later regret about suitable advice, and third-party crime unconnected to any firm failing are not harms the firm caused or could reasonably foresee and prevent.
Consumer Duty
Under the Consumer Duty, a firm's obligations do not end at the point of sale because the Duty requires firms to:
- ARe-advise every customer annually free of charge, because the Duty converts every completed sale into a rolling advice relationship for the life of the product
- BGuarantee customer satisfaction for the life of the product
- CMonitor and assess the outcomes retail customers actually experience, and act where the data shows poor outcomes
- DContact every customer weekly after completion
Reveal the answer
C is correct. The Duty is outcomes-based and continuous: firms must gather and act on management information about real customer outcomes — complaints, cancellations, support waiting times, understanding testing — throughout the product lifecycle. It stops short of satisfaction guarantees, weekly contact or compulsory annual re-advice.
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 FRE2 exam guide, then sit the next paper in the ramp.
The other FRE2 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.