The Complainant owns the family of VANGUARD trademarks, and is one of the world's largest investment companies. The Registrant provides tax and accounting services to individuals and businesses, starting in 2012 (admittedly without the need of a website at the time).
The Panel found that the Domain Name was registered in bad faith and the Registrant had no legitimate interest, because the Complainant is very well known, and the disclaimer on the website does not necessarily prevent or cure confusion. There was also overlap in the services provided by the parties.
You can read the decision here.