Module 1: Financial Services, Regulation and Ethics
733 questionsCeMAP Module 1 covers the foundations of UK financial services — including how financial markets work, the role of the FCA and PRA, consumer protection, and the ethical principles that underpin financial advice. This module is split into two units: FRE1 (Industry, Regulation and Key Parties) and FRE2 (Skills, Principles and Ethical Behaviours). You must pass both units to complete Module 1.
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Frequently Asked Questions
What topics are covered in CeMAP Module 1?
Module 1 covers UK financial markets, government and taxation, legal principles, FCA and PRA regulation, key financial products, the advice process, consumer rights, and ethical behaviour. It is split into two units: FRE1 and FRE2.
How many questions are in the CeMAP Module 1 exam?
Under the new CeMAP format (from November 2025), FRE1 has 50 multiple-choice questions and FRE2 has 30 multiple-choice questions. Each unit is examined separately.
Is CeMAP Module 1 the easiest module?
Module 1 is generally considered the most straightforward of the three CeMAP modules because it covers foundational regulatory knowledge. However, the breadth of topics means thorough preparation is still essential.
Can I practise CeMAP Module 1 questions for free?
Yes — GoCeMAP offers free practice questions for FRE1 (Industry, Regulation and Key Parties) with no credit card required. Simply sign up to start practising.