R01 Financial Services, Regulation and Ethics: practice questions and mock exams

The R01 exam

Format

100 multiple-choice questions in 2 hours

Syllabus

2026/27, tax year 2026/2027

Exams sat

1 September 2026 - 31 August 2027

What R01 covers

The syllabus has 11 learning outcomes. The number beside each is how many of the 100 exam questions it usually carries; our mocks use the same weighting.

1. 1Understand the UK financial services industry in its European and global context.6 exam questions
2. 2Understand how the retail consumer is served by the financial services industry.12 exam questions
3. 3Understand the legal concepts and considerations relevant to financial advice.9 exam questions
4. 4Understand the regulation of financial services.6 exam questions
5. 5Understand the financial regulators' responsibilities and approach to regulation.29 exam questions
6. 6Apply the principles and rules as set out in the regulatory framework.9 exam questions
7. 7Apply the regulatory advice framework to ensure fair outcomes for the consumer.13 exam questions
8. 8Understand the range of skills required when advising clients.4 exam questions
9. 9Understand the financial regulators' use of principles and outcomes based regulation to promote ethical and fair outcomes.7 exam questions
10. 10Apply the Code of Ethics and professional standards to business behaviours of individuals.2 exam questions
11. 11Critically evaluate the outcomes that distinguish between ethical and compliance driven behaviours.3 exam questions

Try free R01 sample questions

A few questions on each of the 62 R01 topics, with the answers explained. No account needed.

• Functions of financial services
• Structure of the UK financial services industry
• International markets and standard setters
• Global regulation, the EU and Brexit
• Role of Government: tax, economy and benefits
• Budgeting and managing debt

See all 62 R01 topics

How to revise R01 here

• Practise by learning outcome, chapter or weak area. Every answer explains why each option is right or wrong.
• Sit timed mocks of 100 questions in 2 hours, weighted like the real paper.
• Spaced review brings back the questions you got wrong before you forget them.
• Set your exam date and get a daily plan, plus a readiness score that tells you when you're ready to sit it.
• Works offline on your phone once it's added to your home screen.