R01 Financial Services, Regulation and Ethics

R01 Financial Services, Regulation and Ethics

R01 Financial services, regulation and ethics

Financial services, regulations and ethics is a core unit for the CII Diploma in Regulated Financial Planning. For many candidates, this is the first exam that they attempt in their Diploma journey.

This unit requires candidates to demonstrate a broad understanding of the financial services industry, with a focus on regulation, legislation, and the Code of Ethics.

The R01 exam is two hours long and there are 100 questions to answer. There are 87 standard multiple-choice questions and 13 multi-response questions.

Exam format: 2-hour multiple choice exam

ExamRecommended study hoursCreditsPass markNational pass rate (2021)
R01 Financial services, regulation and ethics602065%69%

What are the challenges with the R01 exam?

The R01 paper requires candidates to have a broad understanding of financial services, regulation, and ethics. It is this breadth of understanding that can make it a tricky paper to crack. Whilst not the most exciting title, this exam should not be underestimated. The national R01 pass rate in 2021 was 69%. So around one third of candidates that sit the R01 paper don’t pass.

The feedback BTS regularly receive from candidates who have attempted the R01 paper and not achieved a pass (before they come to us) includes:

  • The exam was a lot harder than they were expecting.
  • The questions they had practised on in the lead-up to their exam were easier and not as wordy, convoluted or confusing as their exam experience.
  • Areas were examined that were not covered in the study guide or other materials (and yes, there is a long reading list suggested by the CII as well!).

BTS R01 Study Toolkit

To help you to build your R01 study plan and make it more likely that you will pass first time, we have put together a range of study and training options in our BTS R01 Study Toolkit.  Toolkits contain several options, to suit different candidate needs and preferences. These include printed and digital resources, e-Learning modules, workshops, and practice question banks.

R01 to R05 BTS Toolkits all follow the same approach – the STEP model. BTS have found over the years that this leads to the best exam results for candidates. This approach, and the options within our BTS Toolkits, have been tried and tested by thousands of learners over our long history of providing regulated exam support. As a result, BTS have a first-class market reputation for R0 support.

Candidates using the BTS STEP approach to prepare for the R01 exam currently achieve close to a 100% first-time pass rate.


This approach has helped thousands of trainee financial advisers, paraplanners, administrators and managers pass the R0 exams on their first attempt.

Our mission is clear

To maximise your chances of success in regulated exams, we follow a simple model based on our proven STEP approach:

Investment Principle and Risk

The BTS R01 study guide takes some reading – it’s not a shortened version. It will however equip you with the base knowledge required for the exam.

It is a complete replacement for the examining body textbook. One of the main differences with the BTS version is that it brings the subject matter to life as much as is possible! It is packed full of exam-relevant content and questions, with a thread of BTS humour weaved throughout as well. Available in a choice of printed or digital format.

R01 Financial services, regulation and ethics – Printed Study Guide

R01 Financial services, regulation and ethics – Digital Study Guide

BTS R01 training is second to none. With a subject as potentially dry as R01, you need all the help going.

BTS Associate facilitators are skilled at bringing key subjects to life through examples, visuals and exam-style practice questions. They will paint pictures to try and embed some pretty dull concepts into your grey cells.  All this lovely R01 knowledge must be fully understood as the exam questions will expect you to be able to apply that understanding. 

R01 revision workshops are added to the events calendar throughout the year. If you can't see a date that works for you, get in touch to ask about other options.

BTS e-Learning is ideal for individuals who learn best using visual, online and interactive tools.

It allows you to work through your R01 studies at your own pace, with the BTS team behind you all the way. The BTS R01 e-Learning module covers the most heavily-weighted R01 learning outcomes. You can dip in and out of the e-Learning as and when you have some study time. As with all BTS STEP options it brings some dull subjects to life.

R01 Financial services, regulation and ethics – e-Learning Module

The BTS R0 Study Buddy app replicates the CII exam standard as closely as possible.There are two volumes of R01 questions available for purchase – each giving you 400 questions to practice on. 

BTS designers sit the R01 exam every year, and train thousands of students. All this experience is packed into our App questions.The exam itself will still feel a bit harder, after all you are in an exam with all those associated nerves. But other than sitting the exam for you we cannot do any more in terms of the quality and standard of our questions.

Find out more about how the Study Buddy app can help you and how to purchase it on your device

What sort of feedback do BTS receive from the R01 candidates we have supported?

BTS R01 Learner Journeys

Click on the profiles below to find out how recent BTS candidates achieved their R01success: