FSRE vs UKFR: What Changed in CeMAP
6 min read · facts checked 11 Oct 2026
If you started CeMAP before autumn 2025, your first module was UKFR (UK Financial Regulation). Walbrook replaced it with FSRE (Financial Services, Regulation and Ethics), split into two units: FRE1 and FRE2. The mortgage content moved into MRT1 and MRT2, and the applied assessment became the ASEW/ASSC synoptic unit.
Old and new side by side
| Old structure | New structure (from 30 Sep 2025) | |
|---|---|---|
| Regulation and ethics | UKFR, one exam | FSRE: FRE1 and FRE2, two exams |
| Mortgages | Separate mortgage units | MORT: MRT1 and MRT2, two exams |
| Applied assessment | Case-study unit | ASEW/ASSC synoptic exam: 6 case studies × 10 questions |
| Pass mark | Varied by unit | 70% in every unit |
| Case studies in the regulation units | No | Yes: 3 cases × 5 questions in each FSRE unit |
What FSRE adds
- Ethics and professional behaviour are now a full unit (FRE2), not a short topic.
- The Consumer Duty (Principle 12, in force from 31 July 2023) runs through FRE2.
- Legal concepts (contract, agency, trusts, insolvency, powers of attorney) sit in FRE1.
- Both FSRE units test application through linked case-study questions.
Key transition dates
| Date | What happened |
|---|---|
| 30 Sep 2025 | New structure launched |
| 10 Nov 2025 | New-structure exams first available |
| 12 Jan 2026 | Last date to sit old-format exams |
| 13 Jan 2026 | Remaining candidates moved to the new structure |
| 16 Jul 2026 | Last UKFR sitting |
Check your study materials
Sources (checked 11 Oct 2026)
- Walbrook Institute London: CeMAP qualification specification (published April 2026)
- Walbrook Institute London: FSRE module specification (July 2026)
- Walbrook Institute London (LIBF): CeMAP course, fees and assessment information
MortgagePrep is an independent study aid for CeMAP candidates. It is not endorsed by, affiliated with or approved by Walbrook Institute London (formerly LIBF). CeMAP® is a registered trade mark of its owner and is used here only to describe the exam. All questions are original practice material, not past or live exam questions.
Frequently asked questions
Has UKFR been replaced?
Yes. Walbrook replaced UKFR with the FSRE module, made up of FRE1 and FRE2, in the new CeMAP structure from 30 September 2025. The last UKFR sitting was 16 July 2026.
Are FSRE questions harder than UKFR?
FSRE covers more ground, including ethics and legal concepts, and each unit includes three case studies with five linked questions. Many candidates find the applied questions harder than recall.
Go deeper: the study notes
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