Is CeMAP 1 the hardest?

Walbrook does not publish pass rates, so no official source says which module is hardest. CeMAP 1 is the most regulation-heavy and the least about mortgages, so candidates new to financial services often find FRE1 the steepest start. FRE2 is more about applying rules and ethics to clients.

How long does CeMAP 1 take?

Walbrook says FSRE is typically completed in four months, and each unit carries 50 hours of study time. If you register for the module on its own, the registration period is 12 months. Candidates who study most days can finish faster.

Can I sit FRE1 and FRE2 on the same day?

Yes. Walbrook says unit exams can be sat back-to-back on the same day or on separate days. Exams are on demand on Brightspace, so there is no booking. Each unit is a separate 1-hour exam with its own 28/40 pass mark.

Is CeMAP 1 the same as FSRE?

Yes. Under the new structure, CeMAP 1 is the Financial Services, Regulation and Ethics (FSRE) module, made up of FRE1 and FRE2. FSRE can also be taken as a standalone Level 4 qualification, and the same passes count towards CeMAP and DipFA.

Can I work in mortgages with only CeMAP 1?

You can work in support roles such as administration or case management. FCA rule TC 2.1.6R requires the regulatory module of an appropriate qualification before anyone advises, even under supervision, and TC 2.1.1R stops a firm assessing an adviser as competent until every module is passed. The FCA table still lists the old CeMAP Paper 1 rather than FSRE, so ask your firm how it treats CeMAP 1.

Do I have to pass FRE1 before FRE2?

No. Walbrook's suggested order is FRE1, then MRT1, then FRE2, but it says learners can study in the order they choose. FRE1 lays the regulatory foundations that FRE2 applies, so most candidates find it easier to sit FRE1 first.

CeMAP 1 Mock Exams and Guide: FRE1 and FRE2 (FSRE)

CeMAP® 1 is the first of the three modules in the Certificate in Mortgage Advice and Practice, awarded by Walbrook (LIBF). Since the CeMAP structure changed on 30 September 2025, CeMAP 1 means the FSRE® module and its two unit exams, FRE1 and FRE2. Its regulation is UK-wide, though some FRE1 law topics, such as intestacy and powers of attorney, work differently in Scotland. This page explains what each unit covers, how the CeMAP 1 exams work, what they cost and how to prepare for both. Facts were checked on 30 October 2026 against the FSRE qualification specification and Walbrook's FSRE page. cemapexam.co.uk is an independent study aid, not part of LIBF.

What is CeMAP 1 now?

CeMAP 1 is now the Financial Services, Regulation and Ethics (FSRE) module: two units, FRE1 and FRE2, each worth 5 credits and 50 study hours. Each unit has its own 1-hour exam of 40 questions, sat separately.

The official unit names are:

FRE1: FSRE: Industry, Regulation and Key Parties;
FRE2: FSRE: Skills, Principles and Ethical Behaviours.

Together they are 10 of the 25 credits in the full CeMAP. The module covers how the UK financial services industry works, how it is regulated, the legal concepts an adviser needs, and how to treat clients fairly and ethically. It is not about mortgages in detail; that is CeMAP 2.

FSRE is also a qualification in its own right, and it is shared with the Diploma for Financial Advisers (DipFA). That is why it feels broader than mortgage advice: it is written for future mortgage advisers and future investment advisers alike.

Item	CeMAP 1 (FSRE)
Units	FRE1 and FRE2
Credits	5 + 5
Unit study time	50 + 50 hours
Exams	2 (one per unit)
Registration on its own	12 months
Fee on its own	£330 (as of October 2026)

Key fact: CeMAP 1, FSRE and "FRE1 plus FRE2" all describe the same module. Registered on its own it has a 12-month registration period; inside the full CeMAP the period is 18 months for all five units.

What is the difference between FRE1 and FRE2?

FRE1 is the knowledge unit (LO1 to LO5): markets, consumers, law, the history of regulation and the FCA and PRA. FRE2 is the application unit (LO6 to LO8): adviser skills, regulatory rules applied to clients, and ethics.

Learning outcome numbering runs on from FRE1 into FRE2, so there is no LO1 in FRE2.

	FRE1	FRE2
Learning outcomes	LO1–LO5	LO6–LO8
Focus	Industry, regulation and key parties	Skills, principles and ethical behaviours
Style of question	Mostly "what is" and "which body"	Mostly "what should the adviser do"
Biggest areas (our reading)	LO5 FCA, PRA and the Handbook; LO3 legal concepts	LO7 regulatory principles and the advice framework
Unit guide	CeMAP FRE1 guide	CeMAP FRE2 guide

FRE1: Industry, Regulation and Key Parties

FRE1 has five learning outcomes, each linked to its topic drill:

LO1: the UK financial services industry in its European and international context: markets, asset classes, the Bank of England and financial crime (markets drill).
LO2: how the retail consumer is served: needs, priorities and product types (consumers drill).
LO3: legal concepts: legal entities, powers of attorney, contract and agency, property ownership, insolvency, wills, intestacy and trusts (legal drill). Our wills and trusts guide covers the heaviest part.
LO4: the development of UK regulation from 1986 to 2021 (regulation history drill).
LO5: the FCA's and PRA's objectives, powers and Handbook, including SM&CR (FCA and PRA drill). See FCA and PRA explained.

FRE2: Skills, Principles and Ethical Behaviours

FRE2 has three learning outcomes, and LO7 is split into three assessment criteria:

LO6: the skills of advising: communication, fact-finding, analysis, recommendations and insistent clients (advice skills drill).
LO7, AC7.1: regulatory principles for fair outcomes, including the Principles for Businesses, preventing consumer harm, MAR and culture (fair outcomes drill).
LO7, AC7.2: the regulatory framework: records, anti-money laundering, data protection, complaints, the FOS and the FSCS (framework drill). Two explainers cover it: anti-money laundering and the FSCS and FOS.
LO7, AC7.3: the advice framework: client types, disclosure, adviser charging, cancellation rights and vulnerable clients (advice framework drill).
LO8: ethics: ethical theories, codes of conduct, whistleblowing and CPD (ethics drill).

The FCA Consumer Duty is not named in the FRE2 syllabus. It is current regulation, though, and it fits AC7.1's wording on preventing harm to consumers, so learn it there.

Exam tip: FRE1 facts reappear in FRE2 questions. If you know who the FOS and FSCS are from FRE1, FRE2 can test what an adviser must tell a client about them.

How are the CeMAP 1 exams structured?

The CeMAP 1 exams are two separate 1-hour papers, one for FRE1 and one for FRE2. Each has 40 questions, 25 standalone and 15 across 3 case studies of 5 questions. Every question has 4 options, and the pass mark is 28/40 (70%).

Unit	Questions	Time	Pass	Merit	Distinction
FRE1	40 (25 standalone + 3 case studies × 5)	1 hour	28/40 (70%)	80% (32/40)	90% (36/40)
FRE2	40 (25 standalone + 3 case studies × 5)	1 hour	28/40 (70%)	80% (32/40)	90% (36/40)

The specification describes every question as "select 1 answer from 4", worth 1 mark. Merit and distinction are given as percentages; the mark equivalents are our conversion. An FRE case study is a short client or firm scenario followed by 5 linked questions. The CeMAP case studies guide shows how to read one quickly.

Both exams run on Brightspace with remote invigilation and no booking. Walbrook's FSRE page promises same-day results. You get 90 seconds a question on average, which is tighter than it sounds when the case-study text takes reading time.

Some third-party pages still say 50 questions per FRE unit. That was the old UKFR format. The current figure is 40.

Key fact: The FSRE specification uses one pass mark for the whole unit, 28/40. It sets no separate pass mark for the standalone and case-study parts; for the full scoring rules see our CeMAP pass mark guide.

Where can you sit a free CeMAP 1 mock exam?

A free CeMAP 1 mock exam is available for each unit on this site: mock 1 for FRE1 and mock 1 for FRE2, both in the real 40-question format with 3 case studies and a 60-minute timer. No account is needed.

For each unit you also get, free:

a 20-question diagnostic in 30 minutes, to show your weakest learning outcome before you revise;
a 20-question quick practice with an explanation for every answer;
a printable worksheet with an answer key;
the free study notes in our study section.

Start with the FRE1 diagnostic, then sit the FRE1 mock 1 and the FRE2 mock 1 when you are ready. If you prefer paper, print the FRE1 worksheet.

Our papers are original exam-style questions written for this site and the app, with the rule reference behind each answer. They are not past papers: Walbrook does not publish CeMAP past papers. Walbrook includes one specimen exam per unit in your study materials, which is worth sitting once as a format check.

Mocks 2 to 10 for each unit, topic drills by learning outcome and the case-study practice are part of Pro: £6.99 a week, £11.99 a month or £22.99 for 3 months, covering all five units.

Exam tip: Sit a mock before you feel ready. A first score under 28 is normal; the point is to find which learning outcome is costing you marks.

What level is CeMAP 1, and why is it shared with DipFA?

CeMAP 1 counts within CeMAP, which is a Level 3 qualification, but FSRE taken on its own is a Level 4 qualification of 100 hours. FRE1 and FRE2 are mandatory units in both CeMAP and the Diploma for Financial Advisers (DipFA).

The two levels are a common source of confusion. The CeMAP specification calls CeMAP "LIBF Level 3", while the FSRE specification calls the standalone module "LIBF Level 4 Financial Services, Regulation and Ethics". Walbrook does not give a separate level for each unit inside CeMAP, so the accurate description is "Level 4 FSRE units counted within the Level 3 CeMAP". GOV.UK explains what each level means in What qualification levels mean, and our CeMAP level guide goes further.

The DipFA link is practical. Walbrook says a pass in FSRE "can be used for both qualifications", so if you later move from mortgages into investment advice, you will not sit FRE1 and FRE2 again.

Key fact: FSRE is the only CeMAP module shared with DipFA. MORT and CeMAP 3 are specific to mortgage advice.

What replaced the old CeMAP 1 (UKFR)?

FRE1 and FRE2 replaced the old CeMAP 1, UK Financial Regulation (UKFR), which had two units, ITFS and UKFS. UKFR exams ended on 16 July 2026, so every CeMAP 1 exam is now FRE1 or FRE2.

Walbrook's mapping is simple: a pass in both ITFS and UKFS equals FRE1 and FRE2. The format changed more than the name:

	Old CeMAP 1 (UKFR)	New CeMAP 1 (FSRE)
Units	ITFS + UKFS	FRE1 + FRE2
Exam	Both units in one 2-hour sitting	Each unit separately, 1 hour
Questions	50 per unit	40 per unit, including 3 case studies
Ethics	Within UKFR	A full learning outcome (FRE2 LO8)
Counts towards DipFA	No (our reading)	Yes

Two transition rules still matter. Old passes transferred automatically on 13 January 2026. An earlier UKFR exemption through recognition of prior learning did not convert into an FSRE exemption, unless CeMAP was completed by 12 January 2026. Details are in our CeMAP changes guide, Walbrook's transition page and the CeMAP exemptions guide.

Exam tip: Study materials written for UKFR will miss the case studies and the expanded ethics content. Check that any book or course you use is labelled FSRE, FRE1 or FRE2.

What does CeMAP 1 cost?

CeMAP 1 costs £330 when you register for FSRE on its own, as of October 2026, including study materials and the first attempt at each unit exam. The full CeMAP, all three modules, costs £735. A resit costs £120 per unit.

Item	Fee (as of October 2026)
CeMAP 1 (FSRE) on its own	£330
Full CeMAP (FSRE + MORT + CeMAP 3)	£735
Modules bought separately (£330 + £320 + £160)	£810
Resit, per unit	£120
CeMAP Revision Tool, FSRE	£90

The figures are from Walbrook's CeMAP page and the FSRE page. If you plan to complete all of CeMAP, the full registration is £75 cheaper than three separate modules and gives an 18-month registration period. Older third-party figures, such as £310 for CeMAP 1, are out of date. The CeMAP cost guide lists every fee.

Key fact: The first attempt at each unit exam is included in the registration fee. You pay £120 only if you resit.

Your CeMAP 1 study plan

A CeMAP 1 study plan takes about 8 weeks for both units: four weeks for FRE1, then four for FRE2, each ending with timed mocks. Walbrook's suggested order puts MRT1 between them, so you can also split the module.

Walbrook's suggested learning path is FRE1, MRT1, FRE2, MRT2, then CeMAP 3, though "learners can study flexibly in the order they choose". Most candidates sit FRE1 first, because FRE2 applies its rules.

Day 1: sit the free FRE1 diagnostic to find your weakest learning outcome.
Weeks 1–3: work through FRE1 LO1 to LO5 in the study text. After each learning outcome, run its topic drill, starting with the weakest one from your diagnostic.
Week 4: sit the free FRE1 mock 1 under exam conditions, then more mocks until you meet our readiness rule. Book nothing: sit the real FRE1 exam when you are ready.
Weeks 5–8: repeat for FRE2, using the FRE2 mock 1 in week 8. Give LO7 the most time, because it has the most sub-topics.

Our readiness rule is three mocks in a row at 85% or more and every topic at 80% or more. It builds a margin above the 28/40 pass mark. It is not a pass guarantee, and no practice tool can offer one.

Once CeMAP 1 is done, move on to CeMAP 2 for mortgage law and products. The full route and qualification rules are on the CeMAP qualification guide.

Exam tip: Keep a one-page list of dates and numbers as you go (1 December 2001, 1 April 2013, the FSCS limits, the complaint time limits). FRE1 tests them often, and they are quick marks once memorised.

CeMAP 1: The FSRE Module and Its Two Unit Exams, FRE1 and FRE2