Should text language be allowed in fromal writing?

Should text language be allowed in fromal writing?
It would be seen as high inappropriate for this to happen. As text speak is a breakdown of words used it can and does impact on the reading and interpretation of documents. Added to this is the readers interpretation of such notation which could lead to legal, financial and social infringements.
It would be difficult fight a judgment made in law based on text speak for instance. In the same scenario, formal writing is used in academia and would most certainly cause failure rates to escalate when judging competence on language skills based on text speak