The FRE1 exam: format, pass mark and what it tests
FRE1, Industry, Regulation and Key Parties, is one of the five units of CeMAP and the first half of Walbrook's FSRE qualification. It's a one-hour online exam: 25 multiple-choice questions, then 3 case studies, and you need 28 of 40 to pass.
From Walbrook's FSRE specification (version 7, July 2026) and FSRE page. Checked 6 November 2026.
The paper
| Part 1 | 25 multiple-choice questions, each with 4 options, one mark each |
|---|---|
| Part 2 | 3 case studies, each followed by 5 linked multiple-choice questions, 15 marks in all |
| Time | 1 hour |
| Pass | 28 of 40 (70%) |
| Merit | 32 (80%) |
| Distinction | 36 (90%) |
| Study time | About 50 hours |
| Where | Online, on Walbrook's Brightspace platform, with remote invigilation |
| Results | The same day |
With one hour for 40 questions, you have about 90 seconds a question. The case studies take longer than that, because you read the scenario first, so it pays to move briskly through part 1. The case-study guide covers part 2.
What FRE1 tests
The syllabus has five learning outcomes, broken into eleven assessment criteria. Walbrook doesn't publish how many questions come from each, so expect any of them.
1. The UK financial services industry in its European and international context
- 1.1The purpose and structure of UK and international financial markets: the role of money and markets, how markets are structured, and the main types of market
- 1.2The main asset classes and their characteristics
- 1.3The UK government’s economic and industrial policy, regulation, taxation and social welfare, and the effect of international standards and the EU on UK regulation
- 1.4Financial services in the wider economy: the key functions of the Bank of England and financial institutions, and the main types and effects of financial crime
2. How the retail consumer is served by the financial services industry
- 2.1A firm’s obligations towards consumers, and how consumers see financial services
- 2.2Consumers’ financial needs and how they are prioritised and met, and the main product types
3. The legal concepts relevant to financial advice
- 3.1Legal entities, powers of attorney, contract and agency, property ownership, and insolvency and bankruptcy
- 3.2Wills, intestacy and trusts: the structure, purpose and types of trust
4. The development of financial services regulation
- 4.1UK regulation from 1986 to 2021, today’s framework, the other regulators, and the oversight given by senior management, auditors, trustees and compliance
5. The FCA’s and PRA’s responsibilities and approach to regulation
- 5.1How the FCA and PRA are set up to meet their statutory and operational objectives, principles-based regulation, and their duties and enforcement powers
- 5.2The FCA Handbook: its structure, the high-level standards, Training and Competence, prudential standards, COBS, CASS, SM&CR, regulatory processes, and regulated activities and authorisation
Summarised from the specification's wording. The mock marks your answers against these same numbers, so you can see which criteria cost you marks.
Registering, resits and where FRE1 fits
You can register for FSRE (FRE1 and FRE2) on its own, with 12 months to finish, or for the whole of CeMAP, with 18 months. Walbrook suggests sitting FRE1 first, then MRT1, FRE2 and MRT2, with the case-study unit last, but you can take them in any order.
If you don't pass, you can sit FRE1 again up to 3 times in a week and 10 times in any 12 months. Each resit costs £120.
Questions
- What is the FRE1 pass mark?
- 28 out of 40, which is 70%. A merit is 32 (80%) and a distinction 36 (90%). Every question is worth one mark, and there are no marks taken off for a wrong answer.
- How long is the FRE1 exam?
- One hour for 40 questions: 25 standalone multiple-choice questions, then 3 case studies with 5 linked questions each.
- Is FRE1 the same as CeMAP 1?
- Not quite. Since 30 September 2025 the old CeMAP 1 (UKFR) has been split into two units, FRE1 and FRE2, which together make up Walbrook’s FSRE qualification. If you passed CeMAP 1 under the old format, it counts as both.
- How do I book the FRE1 exam?
- You don’t need to. FRE1 is sat online on Walbrook’s Brightspace platform with remote invigilation, whenever you’re ready, until your registration ends. Results come the same day.
- How many times can I resit FRE1?
- Up to 3 attempts at a unit in a week and 10 in any 12 months, within your registration period. Walbrook charges £120 for each resit.
See where you stand
The free FRE1 mock is laid out like the real paper: 40 questions, 3 case studies, one hour, and your marks by learning outcome at the end.
Start the mock- FRE1 mock, paper 2Forty different questions in the same layout, for a second timed sitting once you have done the first.
- CeMAP study plannerYour start date and hours a week in; a plan for every unit and the date to sit each one out.
- Who inherits without a will?Answer a few questions about the family and see who inherits under the intestacy rules, and how much.
- Drill one learning outcomePick the criterion that cost you marks and answer only its questions, with each answer explained.
- CeMAP changed in 2025: the five new unitsHow the old CeMAP 1, 2 and 3 map onto FRE1, FRE2, MRT1, MRT2 and the final unit.
- Remote exam checklist for CeMAPYour computer, room, ID and the day itself, as a list you can print and tick off.
- How to answer CeMAP case-study questionsHow linked questions work, and a way through five of them without losing marks to one misread fact.
- CeMAP or the CII route?The two main ways to qualify as a mortgage adviser in the UK, side by side.
- Is CeMAP hard?What actually trips candidates up in the new exams, and how much study it takes.
- Can you do CeMAP with no experience?Who can sit it, how long it takes from a standing start, and what comes after you pass.