▸ DipPFS · R01 · R02 · 2025/2026 Syllabus · R03, R04 & R05 coming soon

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R0 exams — available now

R01

Financial Services, Regulation & Ethics

The regulatory framework, legal concepts, consumer protection, FCA principles, the Code of Ethics and SM&CR — the foundation exam of the DipPFS.

Format: 100 MCQsStandard: 87 questionsMulti-response: 13 questionsDuration: 2 hours
01

UK Financial Services Industry

European & global context, market structure

6 Qs
02

Serving the Retail Consumer

Financial needs, obligations, products

12 Qs
03

Legal Concepts

Contracts, trusts, insolvency, wills

9 Qs
04

Regulation of Financial Services

PRA, FCA, HM Treasury, Bank of England

6 Qs
05

Regulators' Responsibilities

Principles, rules, supervision, enforcement

29 Qs
06

Applying Regulatory Framework

AML, data protection, compensation

9 Qs
07

Regulatory Advice Framework

Client relationships, suitability, outcomes

13 Qs
08

Advising Skills

Fact-finding, communication, analysis

4 Qs
09

Principles-Based Regulation

FCA Principles, culture, SM&CR

7 Qs
10

Code of Ethics

Professional values, ethical dilemmas

2 Qs
11

Ethics vs Compliance

Evaluating ethical and compliance outcomes

3 Qs
R02

Investment Principles & Risk

Asset classes, portfolio theory, macro-economics, investment products and taxation, performance measurement and the full investment advice process. Calculation-heavy and analysis-focused.

Format: 100 MCQsStandard: 72 questionsMulti-response: 28 questionsDuration: 2 hours
01

Asset Classes — Characteristics & Risk

Cash, fixed interest, equities, property, alternatives, correlation

28 Qs
02

Macro-Economic Environment

Economic trends & indicators, monetary & fiscal policy impact

6 Qs
03

Investment Theories

CAPM, MPT, efficient frontier, behavioural finance, diversification

7 Qs
04

Time Value of Money

Compound interest, AER, present value, real vs nominal returns

3 Qs
05

Types of Risk

Liquidity, shortfall, duration, inflation, currency, counterparty risk

5 Qs
06

Investment Products

Unit trusts, OEICs, ISAs, investment trusts, EIS, VCT, bonds, REITs

22 Qs
07

Investment Advice Process

Know Your Client, risk profiling, capacity for loss, suitability

11 Qs
08

Principles of Investment Planning

Strategic vs tactical allocation, portfolio construction, platforms

8 Qs
09

Performance of Investments

Sharpe ratio, alpha, beta, benchmarks, time-weighted return

10 Qs

From the blog

Exam tips, study strategies and CII syllabus updates

Exam Tips · R02

How to Pass R02 Investment Principles First Time

R02 has a reputation for being the hardest of the R0 units. Here's a structured approach to tackling the syllabus in 6 weeks.

Read more →
Study Strategy · All Units

CII Exam Day: 10 Tips to Maximise Your Score

From time management to question elimination strategies — what experienced CII candidates wish they'd known before sitting their first exam.

Read more →
Career · DipPFS

DipPFS vs CFA: Which Qualification is Right for You?

Both are respected finance qualifications — but they serve very different careers. Here's how to choose the right path for your goals.

Read more →
View all articles →

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Currently covering R01 & R02 · R03, R04 and R05 coming soon · Content written from first principles based on the public CII syllabus.

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📅 Exam Countdown

29 May 2026

41 Days
14 Hours
23 Mins
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last 7 days
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LO3 · Legal Concepts

Topic Progress
  • R01 LO1: UK Financial Services100%
  • R01 LO2: Retail Consumer85%
  • R01 LO3: Legal Concepts40%
  • R02 LO1: Asset Classes60%
  • R02 LO2: Macro-Economics30%
  • R01 LO4–11 · R02 LO3–90%
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    67/100
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