In dismissing Jeffrey and Kimberly Camarda’s case against the Certified Financial Planner Board of Standards, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled that the CFP Board “followed its own rules throughout the disciplinary proceedings” against the Camardas.
In the just-unsealed opinion, Leon also states that the court found “no evidence that [CFP Board] was motivated by bad faith or ill will” in disciplining the Camardas.
Accordingly, the court rejected the Camardas’ breach of contract claim against CFP Board, as well as their claims that CFP Board unfairly competed against them and engaged in false advertising by stating that it fairly enforces its disciplinary rules.
“This is a significant victory for CFP certification, for CFP Board and for CFP professionals,” said Richard P. Rojeck, chair of the Board of Directors for CFP Board. “It affirms the integrity of the CFP certification and CFP Board’s role as the standard-setting body for personal financial planners. CFP Board’s peer-review disciplinary process is both fair and equitable, and allows CFP professionals to determine when one of their peers has violated CFP Board’s Rules of Conduct.”
As a result of the court’s decision, Rojeck stated that “the public will be protected because CFP professionals will continue to be held accountable when their peers have found that they deserve to be sanctioned for their conduct.”