Regulator apologies after exam candidates incorrectly got failing grades

Report Tick Boxes

'No individuals incorrectly received a passing grade'.

The Financial Industry Regulatory Authority (FINRA) mistakenly gave failing grades to 208 candidates for the Series 24 exam.

Bloomberg News reports that the test, which covers rules and regulations for supervising broker-dealers, was given to 1,421 people from July 13 through September 24, according to the statement.

FINRA said: 'Due to a configuration error, some of the individuals who took the Series 24 supervisory examination in recent weeks incorrectly received a failing grade. The Financial Industry Regulatory Authority (FINRA) is notifying all of the affected firms and is correcting individual records in its CRD database.

FINRA administered Series 24 examinations to approximately 1,421 individuals from July 13 through Sept. 24, 2015. Some 208 test takers were impacted by the error in grading the test. FINRA apologizes to the affected individuals for any problems the error may have caused. No individuals incorrectly received a passing grade.

A new version of the Series 24 exam introduced on July 13 included a configuration error that caused incorrect failing results to be reported for some candidates. During the course of a regular staff review, an unusual increase in test failures became evident.

FINRA staff moved quickly to evaluate and immediately correct the problem. FINRA also conducted a review to ensure that no other exam series was affected. In 2014, FINRA administered nearly 210,000 exams'.

To access the complete Bloomberg News article hit the link below:

Finra Says It Accidentally Gave Failing Grade to 208 Test-Takers

Bank of America Job Cuts to Total About 200 Globally

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts