Final answer:
Brokers must provide a clear explanation of fees, a detailed account statement, and act in their clients' best interests.
Step-by-step explanation:
If a broker charges and collects fees for services, they must fulfill certain obligations. Firstly, they must provide a clear and transparent explanation of the fees to their clients. This includes disclosing the amount of the fees and the purpose for which they are charged.
In addition, brokers must provide a detailed account statement to their clients, showing any fees that have been charged and collected. This statement should be provided on a regular basis, such as monthly or quarterly.
Finally, brokers must act in their clients' best interests and provide services that are in line with industry standards. They should strive to provide value for the fees they charge, ensuring that clients are receiving the expected level of service and expertise.