CeMAP Module 1: Financial Services & Regulation
What's actually tested, topic by topic.
What is CeMAP Module 1 about?
CeMAP Module 1 (Financial Services & Regulation) covers the UK regulatory framework mortgage advisers operate within. It's the most rules-heavy of the three CeMAP modules — less about mortgage products themselves, more about the regulation, standards and obligations that govern how advice is given.
What topics are covered in CeMAP Module 1?
Four topics: Regulatory Bodies, MCOB Rules, Consumer Protection, and Financial Crime & Data.
What does the Regulatory Bodies topic cover in CeMAP Module 1?
Who regulates UK mortgage advice, and what each body actually does — the FCA's role and objectives, how the regulatory framework fits together, and where bodies like the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) sit, including the limits and circumstances under which each protects consumers.
What are MCOB rules?
MCOB (the Mortgages and Home Finance: Conduct of Business sourcebook) is the FCA rulebook mortgage advisers work under day to day — responsible lending, disclosure requirements, record-keeping, arrears handling, and the standards firms must meet when advising and selling. CeMAP exam questions on MCOB tend to test precise detail, not just general principles.
What is Consumer Duty in CeMAP Module 1?
Consumer Duty and the related Treating Customers Fairly (TCF) outcomes describe how firms must act to deliver good outcomes for retail customers, and how they apply in practice to mortgage advice. Exam questions here usually test which specific outcome a scenario is testing, not rote definitions.
What financial crime rules does CeMAP Module 1 cover?
Anti-money laundering (AML) obligations, data protection principles, and the practical record-keeping and reporting requirements that come with them — including retention periods and breach notification timelines, which are common exam detail.
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