Court date set in attempt by Camardas for a trial in case against CFP Board

A court in Washington, D.C., will hear oral arguments on Sept. 7 to decide if a Florida couple will be granted an appeal in their case against the Certified Financial Planner Board of Standards Inc. over how they describe their compensation. Financial advisers Jeffrey and Kimberly Camarda filed an appeal for a public trial in their case after U.S. District Judge Richard Leon dismissed it in July 2015. The judge ruled that a court cannot "second guess" the CFP Board about the way it enforces rules related to the investment advice credential it grants. The Camardas have said a trial would demonstrate the “substantial legal merit” of their case, first filed in 2013. They were not immediately available for further comment. The CFP Board's CEO Kevin Keller said in an interview Tuesday that the board was pleased the district court had "affirmed the integrity of the process by which we enforce our standards.” He declined further comment. The CFP Board brought a disciplinary case against the Camardas in December 2011, holding that they represented themselves as fee-only advisers despite the fact that an arm of their firm, Camarda Consultants, sells insurance for commissions. The D.C. Circuit Court of Appeals announced the oral argument date last Friday. Mark Schoeff Jr. contributed reporting to this story.