DipFA FSRE and CeMAP FRE1/FRE2 are the same exam
Updated 23 September 2026
This is the fact that saves people money. DipFA’s first module is FSRE — Financial Services, Regulation and Ethics — examined as FRE1 and FRE2. Those unit codes are the CeMAP 1 papers. Same clock (60 minutes), same 40 marks, same 70% pass.
If you already passed CeMAP 1, you do not need a second FSRE course. If you have not, you should not hunt for a mysterious “DipFA-only” regulation paper. Sit FRE1 and FRE2 mocks.
What is *not* shared
- CeMAP 2 (MRT1 and MRT2) is mortgage advice. DipFA does not use those papers.
- CeMAP 3 (ASEW/ASSC) is the mortgage synoptic. DipFA’s later modules are AFAT, AFAI, AFAP and AFAR.
- DipFA Module 6 is coursework. CeMAP has no equivalent fact-find diploma module.
Which mocks to use
On this site the FSRE papers are the existing FRE1 and FRE2 bank — because they are the same exam. The DipFA-only bank is the AFA papers. FRE1 Paper 1 is free in full on both the CeMAP and DipFA sites.
Related: DipFA mock exams · How hard is DipFA?.
Start with FSRE or skip it
Already hold CeMAP 1? Jump to the AFA mocks. If not, sit FRE1 free, then FRE2.