R02 Past Papers — CII financial services practice questions

CII R02 · Investment principles and risk

Practice questions built for the R02 exam — learning outcome by learning outcome

R02-style multiple choice questions across all 11 syllabus learning outcomes. Scenario-based questions on regulation, ethics, and financial advice — with instant feedback and progress tracking so you revise the way the exam actually tests you.

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Why I built this

When I prepared for the CII Financial Services, Regulation and Ethics (R02) exam, I found the official study material useful — but I also found that good-quality extra practice questions were hard to find.

R02 covers a wide range of topics, including the financial services industry, regulation, FCA rules, complaints, compensation, and professional ethics. It is not just about remembering facts; it is about understanding how the rules apply in real advice situations.

I wanted practice questions that felt closer to the real exam: clear multiple-choice questions, realistic scenarios, four plausible answers, and coverage across the main areas of the R02 syllabus.

So I built R02 Past Papers for anyone else preparing for the same exam. It’s free to use, designed to support your revision, and created to complement your official CII materials — not replace them.

Built for R02 candidates

Whether you are starting the CII Diploma, returning to study, or consolidating investment principles and risk, this resource helps you practise the way R02 is assessed.

Try before you sign up

Free LO 1 sample test — 10 AI-generated questions with explanations, no account required.

Exam-format questions

Standard multiple choice with four options (a–d) — the same core format as the R02 paper.

Syllabus aligned

All 9 learning outcomes from the CII R02 specification — regulation, advice framework, ethics, and professional conduct.

Learn from every answer

See whether you were right or wrong immediately, with a short explanation after each question.

Full syllabus coverage

Every R02 learning outcome is available as its own practice test. Work through topics as you study, or sit the full 100-question exam when you are ready. Browse all learning outcomes to see which are free or locked.

Full R02 practice exam

100 questions across all learning outcomes — the same length as the real exam

  • All 9 learning outcomes
  • Weighted to the syllabus
  • Exam conditions
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LO 1 — UK financial services industry

Syllabus outcomes 1.1–1.3

  • UK & international markets
  • Role in the economy
  • Government & the industry

LO 2 — Retail consumer

Syllabus outcomes 2.1–2.2

  • Obligations to consumers
  • Financial needs & priorities

LO 3 — Legal concepts

Syllabus outcomes 3.1–3.3

  • Contract & agency
  • Insolvency & bankruptcy
  • Wills, intestacy & trusts

LO 4 — Regulation of financial services

Syllabus outcomes 4.1–4.3

  • PRA, FCA, Treasury, BoE
  • Other regulatory bodies
  • Statutory framework

LO 5 — Regulators’ responsibilities

Syllabus outcomes 5.1–5.3 · ~29 exam questions

  • Statutory objectives
  • PRA & FCA principles
  • Supervision & enforcement

LO 6 — Apply principles & rules

Syllabus outcomes 6.1–6.3

  • FCA & PRA rules
  • AML & data protection
  • FOS & FSCS

LO 7 — Regulatory advice framework

Syllabus outcomes 7.1–7.2

  • Adviser responsibilities
  • Monitor & review plans

LO 8 — Adviser skills

Syllabus outcome 8.1

  • Skills when advising clients

LO 9 — Outcomes-based regulation

Syllabus outcomes 9.1–9.3

  • Principles for Businesses
  • Culture & leadership
  • SM&CR

How it works

Three steps — no complicated setup.

Step 1

Start your free trial

Begin a 3-day free trial, add your card on secure checkout, then set your password when you return.
Step 2

Choose a topic

Select a learning outcome, sub-topic, or the full 100-question exam.
Step 3

Practise and review

Answer R02-style questions, read explanations, and track your scores over time.

What other R02 candidates say

Early feedback from people using the site to prepare for their exam.

“LO 5 alone is nearly a third of the paper. Being able to drill regulators, principles, and enforcement separately — then sit a full 100-question exam — has made my revision much more focused.”
James T. R02 candidate, paraplanner
“The scenario questions feel closer to the real paper than generic compliance quizzes I tried elsewhere. I use the progress screen to see which learning outcomes I keep getting wrong.”
Priya S. R02 candidate, trainee financial adviser
“Ethics and SM&CR used to blur together for me. The learning-outcome tests helped me learn the syllabus structure, and the explanations after each answer are what make it useful — not just a score.”
Daniel M. R02 candidate, career changer into financial advice

Try free samples

10 free R02-style questions with explanations — no account required. The monthly plan unlocks every learning outcome and the full 100-question exam.

Try free samples

10 free questions · No account required.