CISI UK Financial Regulation (CMP Level 3) Past Papers & Mocks
This page covers UK Financial Regulation in the Level 3 Capital Markets Programme, not the IAD's Level 4 UK Regulation & Professional Integrity unit. Here is what official material exists and where to get current mocks.
Are there past papers for CISI UK Financial Regulation?
No public past papers exist for UK Financial Regulation. CISI publishes one specimen paper written to the live standard, and the official workbook carries end-of-chapter questions plus a practice paper. The exam is 75 multiple-choice questions in 90 minutes, computer based, with a 70% pass mark and no negative marking. Conduct of Business and Client Assets alone accounts for 35 of those 75 questions. This page covers the Level 3 Capital Markets Programme paper, not the Level 4 IAD unit called UK Regulation & Professional Integrity.
- Official past papers
- None public; previously sat papers are never released and the live bank rotates
- What CISI does provide
- One specimen UKFR paper to the live standard, plus workbook end-of-chapter questions and a practice paper
- Exam format
- 75 multiple-choice questions, computer based, 90 minutes
- Pass mark
- 70%, no negative marking
- Where the marks sit
- Conduct of Business and Client Assets is 35 of 75; with Enhancing Market Integrity that is 54 of 75
- Prerequisite
- IntegrityMatters, CISI's short online integrity test, before any CMP sitting in the UK
- Why old papers hurt
- Protection limits and Ombudsman award limits are revised regularly, so figures in an old paper can simply be wrong
- Best substitute
- Nine weighted 75-question mocks, eight of them built from a reserved pool that never appears in practice mode
This page covers the Level 3 Capital Markets Programme UK Financial Regulation paper, not the Level 4 IAD unit called UK Regulation & Professional Integrity. There are no public past papers for CISI UK Financial Regulation. One official sample paper exists, the workbook has its own questions, and everything else you will find is unofficial. For most exams that is an inconvenience. For this one it is a trap, because no CISI paper goes stale faster than the regulation paper.
Test yourself on CMP: UK Regulation
4 questions written to the current syllabus, in the format of the real paper. Pick an answer and the explanation appears. Nothing to sign up for.
Each of the following is true of a 'dual-regulated' firm in the UK EXCEPT:
Not quite. The answer is A.
A dual-regulated firm, such as a bank or insurer, is authorised by the PRA and supervised by the PRA for prudential matters and by the FCA for conduct. Its capital requirements are therefore a PRA responsibility; the FCA sets prudential requirements only for the solo-regulated firms that fall outside the PRA's population.
A UK company has a balance sheet total of 25 million euros, net turnover of 45 million euros and own funds of 3 million euros, and it has made no request about its status. Which of the following categories applies to it for MiFID business?
Not quite. The answer is D.
A MiFID large undertaking must meet at least two of three size tests: a balance sheet total of 20 million euros, net turnover of 40 million euros and own funds of 2 million euros. This company clears all three, so it is a per se professional client automatically. Elective professional is the closest wrong answer, because that category is reserved for clients who fail the size tests and must instead be assessed and warned before being moved up.
Each of the following Bribery Act offences can be committed by an individual EXCEPT:
Not quite. The answer is D.
Bribing another, being bribed and bribing a foreign public official can each be committed by a natural person. Failing to prevent bribery is a corporate offence, committed only by a relevant commercial organisation and answered only by the adequate procedures defence.
Under the UK Data Protection Act 2018 and UK GDPR, how much is the maximum fine the Information Commissioner's Office can impose for the most serious infringements?
Not quite. The answer is A.
Under UK GDPR (as incorporated into UK law post-Brexit), the maximum fine for the most serious infringements is £17.5 million or 4% of global annual turnover, whichever is higher. Less serious violations attract a lower tier of up to £8.7 million or 2% of turnover. The ICO is the UK supervisory authority.
That is 4 of more than 10,800 questions in the PasskeyPrep bank. Chapter 1 of every exam is free, with the study notes and flashcards that go with it, and every answer is marked and explained the way these were.
The paper you are preparing for
| Qualification | Capital Markets Programme, regulatory unit |
| Questions | 75, multiple choice |
| Time | 90 minutes |
| Pass mark | 70%, no negative marking |
| Format | Computer based |
The 75 questions are heavily skewed: Conduct of Business and Client Assets alone carries 35 of them, and with Enhancing Market Integrity that is 54 of 75. How to revise to that skew is covered in our UK Financial Regulation exam guide.
What official material exists
CISI publishes one specimen UKFR paper written to the live standard, and the official workbook carries end-of-chapter questions plus a practice paper. Revision Express is the paid add-on, and the free Prometric demo shows you the test software. Sit the sample paper once, timed, late in your revision, and treat the workbook questions as a one-shot set. Before any CMP sitting in the UK you also need IntegrityMatters, CISI's short online integrity test, out of the way.
Why stale UKFR papers actively hurt you
This syllabus tracks live UK regulation, and the figures move constantly. The FSCS deposit limit rose to £120,000. The Financial Ombudsman Service award limit steps up most years. Capital gains rates, thresholds and regime detail shift with Budgets. A mock from even two years ago tests numbers that are simply no longer correct, and because UKFR questions turn on precise figures and precise rules, revising from it means walking into the exam armed with confident wrong answers. The unofficial PDFs on Scribd, Docsity and Stuvia are exactly this: undated, unverified, and written against whatever edition was current when someone uploaded them.
The alternative: nine current, weighted mock papers
PasskeyPrep gives UK Financial Regulation nine full mock papers, each 75 questions in 90 minutes, weighted to the real element split. The set includes papers built from a reserved pool of questions that never appears in practice mode, so you can keep genuinely unseen papers for close to your exam date. Every question is written against the current rulebook and every answer explains the rule, not just the letter.
Practice mode covers all four elements with the bank sorted by where you are weak, and the readiness estimate summarises your weighted mock evidence for a more informed booking decision.
Start free. Try a set of free UK Financial Regulation practice questions. The first chapter of the UKFR bank is free in the app.
Every UKFR revision resource, in one list
- The official CISI UK Financial Regulation workbook, current edition only. Old editions carry old figures.
- The official sample paper, sat once under the clock.
- CISI Revision Express (paid) and the free Prometric CBT demo.
- PasskeyPrep: the full UKFR bank, nine weighted 75-question mocks including reserved unseen papers, rule-level explanations, weak-spot tracking. £59 once for this paper, or £89 for all fourteen exams, for 90 days from purchase.
- Free UKFR practice questions.
- Our UKFR exam guide and the Capital Markets Programme overview.
PasskeyPrep is an independent study tool and is not affiliated with, endorsed by, or accredited by the Chartered Institute for Securities & Investment. For the picture across every paper, see CISI past papers: what's actually available.
Sit a whole paper for free. The free 75-question UK Financial Regulation mock exam runs to the real time limit and the published element weighting, with a score, an element breakdown and an explanation for every answer. No sign-up.
Frequently asked questions
Does CISI publish past papers for UK Financial Regulation?
No. One official sample paper exists, plus the questions in the official workbook. Previously sat papers are never released, and the live bank rotates.
What is the format of the CISI UK Financial Regulation exam?
75 multiple-choice questions in 90 minutes, computer based, 70% pass mark, no negative marking. It is the regulatory unit of the Capital Markets Programme, sat alongside one technical unit (Securities or Derivatives).
Why is old UKFR revision material worse than none?
Because the syllabus tracks live UK regulation. Compensation limits, tax figures and regime details change most years, so a stale paper teaches precise, confident answers that are now wrong, and UKFR questions are built to punish exactly that.
How many UKFR mocks should I sit before booking?
Sit several full timed papers and look for a consistent margin, then use those results alongside your timetable and remaining weak areas. PasskeyPrep has nine UKFR mocks, including reserved unseen papers for later-stage rehearsal; no mock score can predict an individual result.