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United Kingdom · Qualification

CeMAP 1: Financial Services, Regulation and Ethics (FSRE)

It’s the regulation and ethics module of the Certificate in Mortgage Advice and Practice (CeMAP), split into two units, FRE1 and FRE2, each with its own one-hour exam. CeMAP 1 has been Financial Services, Regulation and Ethics (FSRE) since 30 September 2025, when the London Institute of Banking & Finance (LIBF) replaced the old UK Financial Regulation module. You need 28 of 40 marks, or 70%, in each unit exam.

  • 2Units, each with its own exam
  • £330Module fee when booked on its own
  • 1 hourTime for each unit exam
Where to study

Updated October 2026 · Written from official sources, listed at the bottom of this page

What does CeMAP 1 cover?

FSRE is about how the financial services industry works and how it’s regulated, more than about mortgages themselves. The two units split it like this:

  • FRE1, Industry, Regulation and Key Parties: the financial services environment, the principles of the regulatory framework and what they mean for giving advice, and how risk affects firms and individuals.
  • FRE2, Skills, Principles and Ethical Behaviours: the parts of the financial system and how they connect, legal concepts and how regulation and legislation interact, and the Financial Conduct Authority’s (FCA’s) approach to ethical and unethical behaviour, including the Code of Ethics.

The CeMAP 1 exam format

UnitStandaloneCase studyMarks
FRE1251540
FRE2251540

Each exam has 25 standalone multiple-choice questions and three case studies with five linked questions each. You sit the two units separately, online with remote invigilation, back to back on one day or on different days.

How the CeMAP exams work →CeMAP mock exams from LIBF →

FSRE outside CeMAP

FSRE is also a module of LIBF’s Diploma for Financial Advisers (DipFA), and a pass counts towards both. On its own it’s listed by Ofqual (the Office of Qualifications and Examinations Regulation) as a Level 4 award with 10 credits, while CeMAP as a whole is Level 3.

What changed in CeMAP 1 in 2025

Until September 2025, CeMAP 1 was UK Financial Regulation (UKFR), sat as one two-hour exam through Pearson VUE, at a test centre or by remote invigilation. The old version closed in stages:

  • 29 September 2025: last day for new learners to register for the old version of CeMAP
  • 12 January 2026: old-format exams through Pearson VUE ended
  • 16 July 2026: last day to sit UKFR on Brightspace

Passes carried over automatically on 13 January 2026: passing both old units, Introduction to Financial Services Environment and Products (ITFS) and UK Financial Services and Regulation (UKFS), counts as FRE1 and FRE2. A recognition of prior learning award for UKFR didn’t convert into an FSRE exemption unless you finished CeMAP by 12 January 2026. CeMAP 1 past papers and books from before the change follow the old UKFR syllabus.

Sources: LIBF · Ofqual and 3 more. Checked October 2026.

Rules and fees can change, so check the official site before your test.

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