CeMAP 1 Mock Exam — LIBF financial services, regulation and ethics practice questions

CeMAP 1 · Financial Services, Regulation and Ethics

Practice questions built for the CeMAP 1 exam — learning outcome by learning outcome

Practice questions for the current CeMAP Module 1: Financial Services, Regulation and Ethics (FSRE). FRE1 and FRE2 are separate 40-mark, one-hour exams. Scenario questions on markets, regulation, consumer needs, advice skills and ethics, with instant feedback.

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10 free questions · No account required.

Built for CeMAP 1 candidates

Built for the current LIBF CeMAP Module 1, not the retired UKFR paper. Use it while you work through FRE1 and FRE2.

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Free LO 1 sample test — 10 questions with explanations, no account required.

Exam-format questions

Standard multiple choice with four options (a–d) — the same core format as the CeMAP 1 paper.

Syllabus aligned

All eight learning outcomes from the FSRE specification effective July 2026 — markets, regulation, consumer needs, advice skills and ethics.

Learn from every answer

See whether you were right or wrong immediately, with a short explanation after each question.

Full syllabus coverage

FRE1 covers learning outcomes 1–5. FRE2 covers learning outcomes 6–8. Each unit is its own 40-mark practice exam. Browse all learning outcomes to see which are free or locked. LIBF does not publish an official question count for each learning outcome.

FRE1 and FRE2 practice exams

Two separate 40-mark papers. Each live unit exam is one hour.

  • 25 standalone questions plus 3 case studies
  • Pass mark 70% (28/40)
  • Merit 80% · distinction 90%
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LO 1 — UK financial services

FRE1 · markets, asset classes and the wider economy

  • Purpose and structure of markets
  • Bank of England and financial crime

LO 5 — FCA and PRA

FRE1 · objectives, enforcement and the FCA Handbook

  • FCA and PRA objectives
  • COBS, CASS and SM&CR

LO 7 — Client relationships

FRE2 · conduct rules, complaints, FOS and FSCS

  • Consumer Duty and conduct risk
  • Complaints, FOS and FSCS
  • Vulnerable clients and disclosure

LO 3 — Legal concepts

FRE1 · contract, property, wills, intestacy and trusts

  • Powers of attorney and legal entities
  • Wills, intestacy and trusts

LO 8 — Ethics

FRE2 · professional codes and ethical dilemmas

  • LIBF Code of Ethics
  • Ethics versus mere compliance

How it works

Three steps — no complicated setup.

Step 1

Unlock full access

Create your account or check out as a guest, continue at £19.99/month unless you cancel.
Step 2

Choose a topic

Select a learning outcome, sub-topic, or the full 40-mark exam.
Step 3

Practise and review

Answer CeMAP 1-style questions, read explanations, and track your scores over time.

What other CeMAP 1 candidates say

Early feedback from people using the site to prepare for their exam.

“The FCA Handbook and Consumer Duty are a lot to hold at once. Drilling learning outcome 5 and learning outcome 7 separately, then sitting a 40-mark unit paper, made the revision more focused.”
Olivia R. CeMAP 1 candidate, financial services, regulation and ethics
“The scenario questions feel closer to the unit papers than generic quizzes. I use the progress screen to see which learning outcomes I keep getting wrong.”
Marcus W. CeMAP 1 candidate, financial services, regulation and ethics
“FOS and FSCS used to blur together. The learning-outcome tests helped me separate them, and the explanations after each answer are what make it useful.”
Sophie L. CeMAP 1 candidate, new to financial services, regulation and ethics

Try a free sample

10 free CeMAP 1-style questions with explanations — no account required. Full access unlocks every learning outcome and the full 40-mark exam.

Try a free sample

10 free questions · No account required.