Tom Bergeron is a financial planner licensed to sell insurance. He always has his clients mail their insurance premium checks directly to him, and then forwarding the funds on to the insurance company.
His contract with his clients and with the insurance company does not allow this. Both the insurance company and his clients are aware of his actions and have not asked him to stop.
Does Tom have legal authority to do this?
Is Tom within his fiduciary responsibility to his clients by his action?
Is this action ethically responsible?