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Financial Services, Regulation and Ethics (R01)

Financial Services, Regulations and Ethics (R01) develops your knowledge and understanding of the financial services profession, including regulation, legislation and the Code of Ethics.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Additional revision aids.
  • Assessment entry.

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We begin by looking at the purpose and structure of UK financial services, how it operates in the UK and also in a European and global context. We consider the roles of UK and European regulators and how they link together to develop the framework of regulation that now exists.

We then consider the financial products and services consumers need in different stages of their lives and how these needs can be satisfied by developing solutions to meet them.

This unit looks at the laws and legal concepts relevant to financial advice and the regulation of financial services, including the Financial Services Act 2012. We look at the Financial Conduct Authority’s responsibilities and approach to regulation, the principles and rules as set out in the regulatory framework and how to apply the regulatory advice framework in practice for the consumer.

We then look at client advising skills, including communicating, gathering information, assessment and analysis, conclusions and recommendations.

Finally, we examine the financial regulators’ use of principles and outcomes-based regulation to promote ethical and fair outcomes, and how to apply the Code of Ethics and professional standards to business behaviours of individuals.

Building a successful career in personal finance

Financial Services, Regulations and Ethics (R01) is a core unit for the Diploma in Regulated Financial Planning which meets the FCA’s qualification requirements for retail investment advisers. This unit is relevant for paraplanners, technical consultants and those in financial planning support roles. It is also relevant for those seeking additional CII credits towards completion of the Diploma in Financial Planning. those who do not hold additional CII credits counting towards completion of the Diploma in Financial Planning.


At the end of this unit, candidates will have investigated the:

  • purpose and structure of UK financial services;
  • how the retail customer is served by the financial services profession;
  • regulatory framework, powers and responsibilities to protect the consumer;
  • legal concepts and considerations relevant to financial advice;
  • Code of Ethics and its impact on the business behaviours of individuals.


  • 2 hour exam
  • 100 multiple choice questions
  • The nominal pass mark is 65%
  • The 2020 pass rate for this unit was 69%

Study material - editions available

2021-22 edition (applicable to exams sat 01 Sep 2021 to 31 Aug 2022)