Checked 14 October 2026. From LIBF’s CeMAP and FSRE qualification specifications and its transition page, read on 14 October 2026. The structure changed for new learners on 30 September 2025; a page or course note written before then describes units that no longer exist.
CeMAP is three modules made of five mandatory units, and each unit has its own exam. Module 1 is Financial Services, Regulation and Ethics (FSRE), with units FRE1 and FRE2. Module 2 is Mortgages (MORT), with units MRT1 and MRT2. Module 3 is one unit, the Assessment of Mortgage Advice Knowledge (ASEW/ASSC). Those are the names in LIBF’s current qualification specification. The older names you will still meet in notes and forums (UKFR, ITFS, UKFS, MLPP, MAPP, MRPP, MAPC, ASSM) belong to the structure that closed to new learners on 29 September 2025. ProSyllabus is an independent study site. It is not affiliated with LIBF or Walbrook Institute London, and nothing here is official. Every rule and fee below is quoted or summarised from their own pages and specifications, read on 14 October 2026.
CeMAP qualification specification (cover: Published April 2026), read 14 October 2026. The two totals are our sums of the figures it prints for each unit.
Where other pages get this wrong
The CeMAP 1 units are FRE1 and FRE2, not ITFS and UKFS, and CeMAP 2 has two units, not four.
Commonly published instead: CeMAP 1 described as “UK Financial Regulation”, units 1 and 2 (ITFS and UKFS), 100 questions in two hours; CeMAP 2 as units 3 to 6 (MLPP, MAPP, MRPP, MAPC). LIBF’s own 2022 article still says “For each module, you’ll need to take a two-hour electronic multiple-choice exam.”
LIBF’s transition page: “we are replacing the current module 1 of the qualification (UKFR) with a new module, Financial Services, Regulation and Ethics (FSRE)”, and “for modules one and two, learners will be able to study and be assessed for individual units within the module.” The first day anyone could register for the new version was 30 September 2025; its exams opened on 10 November 2025.
A note on names. The CeMAP pages now sit on walbrook.ac.uk (libf.ac.uk addresses redirect there), the specifications carry the copyright of Walbrook Institute London Limited, and Ofqual’s register lists the awarding organisation as The London Institute of Banking & Finance. The pages themselves still say LIBF, so this guide does too.
The three modules and five units today
| Module | Unit code | Unit name | Questions | Time | Pass mark |
|---|---|---|---|---|---|
| Module 1 (CeMAP 1): Financial Services, Regulation and Ethics (FSRE) | FRE1 | Industry, Regulation and Key Parties | 40 | 1 hour | 28/40 |
| Module 1 (CeMAP 1): Financial Services, Regulation and Ethics (FSRE) | FRE2 | Skills, Principles and Ethical Behaviours | 40 | 1 hour | 28/40 |
| Module 2 (CeMAP 2): Mortgages (MORT) | MRT1 | Mortgage Law, Practice and Application | 50 | 1 hour | 35/50 |
| Module 2 (CeMAP 2): Mortgages (MORT) | MRT2 | Mortgage Products and Post Completion | 40 | 1 hour | 28/40 |
| Module 3 (CeMAP 3): Assessment of Mortgage Advice Knowledge | ASEW/ASSC | Assessment of Mortgage Advice Knowledge | 60 | 2 hours | 42/60 |
Unit names and codes as printed in the CeMAP specification’s “Structure” and “Assessment” sections. The specification gives each unit 5 credits and a unit study time of 50; Ofqual’s register shows 25 credits and a total qualification time of 250 hours for the whole certificate.
CeMAP qualification specification, “Assessment”. One mark per question.
Question types and time, exam by exam
| Unit | Standalone multiple-choice questions | Case studies | Total marks | Time allowed | Time per question (our division) |
|---|---|---|---|---|---|
| FRE1 | 25 | 3, each with 5 linked questions (15 marks) | 40 | 1 hour | 90 seconds |
| FRE2 | 25 | 3, each with 5 linked questions (15 marks) | 40 | 1 hour | 90 seconds |
| MRT1 | 50 | None | 50 | 1 hour | 72 seconds |
| MRT2 | 40 | None | 40 | 1 hour | 90 seconds |
| ASEW/ASSC | None | 6, each with 10 linked questions (60 marks) | 60 | 2 hours | 120 seconds |
Counts and times from the CeMAP specification. The last column is our division of the time by the number of questions; a case-study question also needs reading time for the case itself.
Every question is multiple choice. For the two CeMAP 1 units the FSRE specification is exact about the form: “25 multiple-choice questions (select 1 answer from 4). One mark is available for each correct answer” in Part 1, and in Part 2 “3 case studies with 5 linked multiple-choice questions (select 1 answer from 4).” So FRE1 and FRE2 have the same shape: 25 marks from single questions and 15 marks, three-eighths of the paper, from three case studies. CeMAP 3 is all case studies: “6 case studies each with 10 multiple-choice questions”, “to be completed in 2 hours”.
How the exams are taken. The specification: “Your exam for each unit will be delivered via our platform Brightspace, which is where you access your course materials. You can take your exam any time with remote invigilation. There’s no need to book in advance.” Before starting “you will be expected to pick up your laptop/webcam to do a full 360-degree scan of your testing space.” The transition page adds “You can use any PC/laptop to sit your exam” and “You are not allowed to take toilet breaks during your exam.” Asked whether all the unit exams of a module can be sat on one day, the same page answers: “Yes! You will have total control and will be able to sit your online exams back-to-back or, if you prefer, on separate days”.
CeMAP 1, unit FRE1: Industry, Regulation and Key Parties
| Learning outcome | Assessment criteria (shortened by us from the specification) |
|---|---|
| LO1. Understand the UK financial services industry in its European and international context. | AC1.1 purpose and structure of UK and international financial markets; AC1.2 the main asset classes and their characteristics; AC1.3 the role of the UK government and the impact of international standards and regulation; AC1.4 the function and operation of financial services within the wider economy, including the Bank of England and financial crime |
| LO2. Identify how the retail consumer is served by the financial services industry. | AC2.1 a firm’s obligations towards consumers and their perception of financial services; AC2.2 consumers’ financial needs and how they are prioritised, product types and their functions |
| LO3. Apply the legal concepts and considerations relevant to financial advice. | AC3.1 legal entities, powers of attorney, law of contract and agency, property ownership, insolvency and bankruptcy law; AC3.2 wills and intestacy, the structure, purpose and types of trusts |
| LO4. Understand the development of financial services regulation. | AC4.1 history of UK regulation from 1986 to 2021, the UK regulatory framework, other regulators, senior management oversight, auditors, trustees and external compliance support |
| LO5. Evaluate the FCA’s and PRA’s responsibilities and approach to regulation. | AC5.1 statutory and operational objectives of the FCA and PRA, principles-based regulation, duties and powers of enforcement; AC5.2 the FCA Handbook: high-level standards, Training and Competence, prudential standards, COBS, CASS, the Senior Managers and Certification Regime, regulated activities and authorisation |
Learning outcomes quoted from the FSRE qualification specification (Published July 2026), Appendix 1. The assessment criteria are shortened; the specification lists the bullet points under each one.
CeMAP 1, unit FRE2: Skills, Principles and Ethical Behaviours
| Learning outcome | Assessment criteria (shortened by us from the specification) |
|---|---|
| LO6. Identify the skills required when advising clients. | AC6.1 communication skills, gathering of information, assessment and analysis, identifying appropriate solutions, recommendations and conclusions, insistent clients |
| LO7. Apply regulatory principles, requirements and regulations to client relationships to ensure fair and ethical outcomes. | AC7.1 Principles for Businesses and conduct of business rules, prevention or reduction of harm to consumers, Market Conduct Code (MAR), corporate culture and senior management, consumer rights and unfair contract terms; AC7.2 record keeping, anti-money-laundering and proceeds of crime, data protection, complaint handling, the Financial Ombudsman Service, the Financial Services Compensation Scheme, treating customers fairly and conduct risk; AC7.3 the regulatory advice framework: types of clients, fiduciary relationships, disclosure, adviser charging, cancellation rights, vulnerable clients, due diligence |
| LO8. Apply ethical principles to professional behaviour and judgements at work. | AC8.1 ethical principles, codes of conduct and regulatory standards; AC8.2 applying a professional code of ethics to resolve ethical dilemmas; AC8.3 ethical versus compliance-driven behaviour, whistleblowing, professionalism and continuing professional development |
FSRE qualification specification, Appendix 2. The numbering runs on from FRE1: FRE1 covers learning outcomes 1 to 5 and FRE2 covers 6 to 8.
Two things about FSRE are easy to miss. First, it is a qualification in its own right: the specification says “FRE1 is a mandatory unit within the CeMAP and DipFA qualifications”, and LIBF’s FSRE page says “a pass in FSRE can be used for both qualifications”. Second, it sits at a different level from the certificate it belongs to. Ofqual’s register lists CeMAP as a Level 3 qualification (501/0629/6) and “LIBF Level 4 Financial Services, Regulation and Ethics” (603/0522/8) as Level 4. We print both as the register has them. LIBF’s own page notes that CeMAP 1 “is often considered the most challenging module.”
The two question types, shown
These two questions come from the ProSyllabus CeMAP Module 1 mock exam. They are our own original questions, not LIBF specimen questions, and they are here to show the two forms the FSRE specification describes: a standalone question, and a question linked to a case study.
Free example 1 · Unit 1 (FRE1) · Asset classes
An investor buys a conventional gilt and holds it until its redemption date. What will the investor receive?
- A fixed interest payment, normally every six months, and the nominal value at redemption.
- A dividend that depends on the government's tax receipts each year.
- No income, but a redemption value linked to share prices.
- Interest that rises and falls with Bank Rate, and the market value at redemption.
Answer: A. A conventional gilt pays a fixed coupon, normally in two equal instalments a year, and repays its nominal (par) value at redemption.
Exam technique (our note): A standalone question tests one fact. Decide what you expect the answer to say before reading the four options.
From the ProSyllabus CeMAP Module 1 mock exam: an original question, not an LIBF specimen or exam question. It is one of the questions of that mock.
Case study · Unit 1 (FRE1)
Amelia and Ben are married and in their fifties. They own their home as tenants in common in equal shares. Amelia has an adult son, Carl, from an earlier relationship; Ben has no children. Neither has made a will. Amelia also has a personal pension, and she holds shares in her sole name. Ben has recently been declared bankrupt after his business failed. Amelia wants to be sure that Carl eventually benefits from her share of the home, and she is worried that she may one day be unable to manage her own affairs.
Free example 2 · Unit 1 (FRE1) · Legal concepts
Following Ben's bankruptcy order, who takes control of Ben's assets for the benefit of his creditors?
- Amelia, as his spouse.
- The Financial Services Compensation Scheme.
- The trustee in bankruptcy.
- The Financial Conduct Authority.
Answer: C. On bankruptcy the bankrupt's estate vests in the trustee in bankruptcy (the Official Receiver or an insolvency practitioner), who realises the assets and distributes them to creditors (Insolvency Act 1986).
In the mock this case study has five linked questions. From the ProSyllabus CeMAP Module 1 mock exam: an original question, not an LIBF specimen or exam question. It is one of the questions of that mock.
| Example | Unit and topic | Answer |
|---|---|---|
| 1 | Unit 1 (FRE1): Asset classes | A: A fixed interest payment, normally every six months, and the nominal value at redemption. |
| 2 | Unit 1 (FRE1): Legal concepts | C: The trustee in bankruptcy. |
The table repeats the two answers for readers on a version of this page that does not show the cards.
ProSyllabus has its own CeMAP Module 1 mock exam: 80 original questions in the current shape of the two FSRE unit exams, with 3 of them free to answer (1 in unit 1 and 2 in unit 2) and the reason for every answer shown. You will find it on the full web version of this page and on the mock exam’s own page. It is our own work: it is not written or endorsed by LIBF or Walbrook Institute London and contains no LIBF specimen or exam question.
CeMAP 2: MRT1 and MRT2
| Unit | Exam | Learning outcomes (CeMAP specification, Appendices 3 and 4) |
|---|---|---|
| MRT1: Mortgage Law, Practice and Application | 50 standalone questions, 1 hour, pass 35/50 | 11: regulatory definitions of mortgages; buying at auction; types of borrower; MCOB rules and legislation; the economic and regulatory context; the adviser’s role and fair outcomes; additional security; fees and charges; property defects and surveys; factors affecting value; forms of valuation and survey |
| MRT2: Mortgage Products and Post Completion | 40 standalone questions, 1 hour, pass 28/40 | 6: raising additional money; transferring and amending mortgages; consolidating debt; non-payment and other breaches; lenders’ legal rights and remedies; the structure and features of different types of mortgage |
Summarised by us from the learning outcomes in Appendices 3 and 4 of the CeMAP specification. Neither CeMAP 2 unit has case studies.
CeMAP 3: ASEW/ASSC
The last unit is a synoptic assessment. The specification says it is “suggested to be taken last” and “primarily tests mortgage knowledge gained through the MORT module (MRT1 and MRT2 units) while incorporating fundamentals learned from FSRE, as well as additional mortgage protection and adviser soft skills content.” Its six learning outcomes cover mortgage solutions and suitability, specialist lending, the rules governing lending and advice, ethical and sustainable advice, mortgage protection, and the house-buying process. That last outcome is written twice, once headed “England/Wales” and once headed “Scotland”, joined by “OR”. The specification does not spell out the two codes; reading ASEW as the England and Wales version and ASSC as the Scottish one is ours.
Which specification applies, and its dates
| Document | Date on the cover | Document control (last page) | File on LIBF’s server | Pages |
|---|---|---|---|---|
| CeMAP qualification specification | Published April 2026 | Version 14; date of last review July 2026; effective from July 2026 | Linked from the CeMAP page; the same file also answers at an address ending march-2026. Server date 14 July 2026 | 20 |
| FSRE qualification specification | Published July 2026 | Version 7; date of last review July 2026; effective from July 2026 | Linked from the FSRE page; the same file also answers at an address ending march-2026. Server date 14 July 2026 | 15 |
Both downloaded on 14 October 2026. Both document-control boxes give the same summary of changes: “Amendment to the resit attempts section to reflect the fee incurred by the resit.” The three dates on the CeMAP file (March in the address, April on the cover, July in the control box) are all LIBF’s; we print them rather than choose one. The CeMAP specification holds the syllabus for MRT1, MRT2 and ASEW/ASSC and points to the FSRE specification for FRE1 and FRE2.
Old names to new names
| Old structure (registration closed 29 September 2025) | Current structure |
|---|---|
| Module 1, UK Financial Regulation (UKFR): ITFS, Introduction to Financial Services Environment and Products; UKFS, UK Financial Services and Regulation. 50 questions each, sat together in a 2-hour exam | Module 1, FSRE: FRE1 and FRE2. 40 marks each, 1 hour each, sat separately |
| Module 2, Mortgages (MORT): MLPP 25 questions, MAPP 25, MRPP 20, MAPC 30, all four sat together in a 2-hour exam | Module 2, MORT: MRT1 50 questions, MRT2 40 questions, 1 hour each, sat separately |
| Module 3, Assessment of Mortgage Advice Knowledge (ASSM): 2-hour exam, 6 case studies with 10 questions each | Module 3: the same exam shape. The specification calls the unit ASEW/ASSC |
From the comparison table on LIBF’s page “Improvements to CeMAP” (from 30 September 2025).
| If you passed, under the old structure | LIBF treats it as |
|---|---|
| ITFS and UKFS (both units of CeMAP 1) | CeMAP 1: FRE1 and FRE2 |
| Unit 3 (MLPP) and Unit 4 (MAPP) | MRT1 |
| Unit 6 (MAPC) | MRT2 |
| Unit 5 only (MRPP) | “None - you must complete CeMAP 2, MRT1 and MRT2” |
| ASSM (CeMAP 3) | ASEW/ASSC (CeMAP 3) |
| Date | What happened (LIBF transition page) |
|---|---|
| 29 September 2025 | Final date for new learners to register for the old version |
| 30 September 2025 | First date anyone could register for the new version |
| 24 October 2025 | Specimen exam papers for the new version became available |
| 10 November 2025 | Exams for the new version available online through Brightspace |
| 12 January 2026 | Final date for existing learners to sit or resit old-version exams through Pearson VUE |
| 13 January 2026 | Open registrations moved to the equivalent new modules, with a new 12 months |
| 16 July 2026 | Final date that learners could sit UKFR exams |
One warning from the same page for anyone who held an exemption: “If you have previously been awarded an exemption for UKFR through recognition of prior learning, this will not automatically convert into an exemption from FSRE under the new format.”
Order of study and how long you have
The specification suggests a path that mixes the two modules: “starting with the FRE1 unit to acquire regulatory grounding knowledge before moving on to the MRT1 unit to begin to understand mortgage practice, and then studying FRE2 and MRT2”, with the synoptic unit last. It then adds: “However, learners can study flexibly in the order they choose.” LIBF’s qualification page agrees that “There is no required order”, recommends “completing CeMAP 2 before CeMAP 3”, and notes that many learners go 1, 2, 3. The registration period is 18 months for the full qualification and 12 months for a module registered on its own.
| Measure | Figure | Source |
|---|---|---|
| Total qualification time | 250 hours (6 guided learning hours, 244 other hours) | CeMAP specification; Ofqual register |
| Study time per unit | “Unit Study Time: 50” and 5 credits for each of the five units | CeMAP specification, “Structure” |
| FSRE on its own | 100 hours; “typically completed in four months” | FSRE specification; FSRE page |
| Time allowed | 18 months for the full qualification; 12 months per module registered separately | CeMAP specification; qualification page |
Where LIBF’s own pages disagree
| Point | One page says | Another says |
|---|---|---|
| Code of the Module 3 unit | ASEW/ASSC (CeMAP specification, throughout) | ASEW/SC (qualification page, module list); ASSM for the new Module 3 in the transition page’s comparison table, though its equivalence table says ASSM becomes ASEW/ASSC |
| Booking | “You can take your exam any time with remote invigilation. There’s no need to book in advance.” (both specifications) | The FSRE specification also calls FSRE “a distance learning qualification with planned examination sessions”; the CeMAP specification says “on-demand examination sessions” |
| Exam length and venue | One hour per unit (two for CeMAP 3), online through Brightspace (specification) | LIBF’s article of 25 April 2022: “a two-hour electronic multiple-choice exam” for each module, in “a test centre or through remote invigilation”. It predates the change |
| Hours of study | 250 hours total qualification time (specification and Ofqual) | LIBF’s article of 1 July 2019: “230 hours”. It predates the change |
Where two official pages differ we print both. For the format of an exam you are about to sit, the specification is the document that governs it.
What we could not find
| Question | What we found |
|---|---|
| How many questions each learning outcome gets in an exam | Neither specification gives a weighting or a count per learning outcome. |
| Which learning outcomes the FRE1 and FRE2 case studies draw on | Not stated. |
| What the codes ASEW and ASSC stand for | Not spelled out. The England/Wales and Scotland reading is ours. |
| Whether a calculator or notes may be used | Not covered in the specifications or on the exam information page. The qualification page lists “a tax table” among the study materials. |
| Identification and equipment rules for the on-demand exams | The exam information page lists them for session-based exams. For on-demand exams it mentions the 360-degree scan only. |
| A published list of what changed in the syllabus between UKFR and FSRE | The transition page describes the change in general terms only. |
Frequently asked questions
How many modules are there in CeMAP?
Three: CeMAP 1, Financial Services, Regulation and Ethics (FSRE); CeMAP 2, Mortgages (MORT); and CeMAP 3, the Assessment of Mortgage Advice Knowledge. Between them they have five mandatory units.
What are the CeMAP 1 units?
FRE1, Industry, Regulation and Key Parties, and FRE2, Skills, Principles and Ethical Behaviours. Each has its own one-hour exam.
How many questions are in CeMAP 1?
Forty in each unit exam: 25 standalone multiple-choice questions and three case studies with five linked questions each. Two units make 80 questions in two separate one-hour exams.
Is CeMAP 1 still 100 questions in two hours?
No. That was the UK Financial Regulation module, which closed to new learners on 29 September 2025. The current Module 1 is FSRE.
What are UKFR, ITFS and UKFS?
UKFR was the old CeMAP 1 module and ITFS and UKFS were its two units. LIBF treats a pass in both as equivalent to FRE1 and FRE2.
What are the CeMAP 2 units?
MRT1, Mortgage Law, Practice and Application (50 questions) and MRT2, Mortgage Products and Post Completion (40 questions). Each is a one-hour exam.
What is CeMAP 3?
One unit, the Assessment of Mortgage Advice Knowledge, coded ASEW/ASSC in the specification: a two-hour exam of six case studies with ten linked questions each.
Are CeMAP questions multiple choice?
Yes, all of them. In the FSRE units each question has four options and one mark.
Do I have to take the CeMAP modules in order?
No. LIBF says there is no required order, though it recommends completing CeMAP 2 before CeMAP 3.
Can I sit FRE1 and FRE2 on the same day?
Yes. LIBF’s transition page says you can sit the unit exams back-to-back or on separate days.
Do I need to book a CeMAP exam?
No. The specification says you can take the exam at any time with remote invigilation and that there is no need to book in advance.
What level is CeMAP?
Ofqual’s register lists CeMAP as a Level 3 qualification. FSRE, which is Module 1, is registered separately as a Level 4 qualification.
Does FSRE count towards anything else?
Yes. FRE1 and FRE2 are mandatory units in both CeMAP and the Diploma for Financial Advisers (DipFA), and LIBF says a pass in FSRE can be used for both.
Which CeMAP specification is current?
The one linked from LIBF’s CeMAP page. On 14 October 2026 its cover read Published April 2026 and its document control read version 14, effective July 2026.
Sources
- official — LIBF Level 3 Certificate in Mortgage Advice and Practice (CeMAP), qualification specification (cover: Published April 2026; version 14, effective July 2026)
- official — LIBF Level 4 Financial Services, Regulation and Ethics (FSRE), qualification specification (cover: Published July 2026; version 7)
- official — LIBF (Walbrook Institute London): Certificate in Mortgage Advice and Practice (CeMAP), qualification page with fees (read 14 Oct 2026)
- official — LIBF: Financial Services, Regulation and Ethics (FSRE), qualification page with fees (read 14 Oct 2026)
- official — LIBF: Improvements to CeMAP from 30 September 2025 (old and new structure, key dates, equivalences)
- official — LIBF: Exam and assessment information (Brightspace exams, resits)
- official — LIBF: UK Financial Regulation (UKFR), the module FSRE replaced (final examination date 16 July 2026)
- official — Ofqual Register: LIBF Level 3 Certificate in Mortgage Advice and Practice, 501/0629/6
- official — Ofqual Register: LIBF Level 4 Financial Services, Regulation and Ethics, 603/0522/8
- official — LIBF Insights: How to get your CeMAP qualification (25 April 2022; describes the old format)
- official — LIBF Insights: How long does it take to get CeMAP qualified? (1 July 2019; describes the old format)
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
