My manager is a certified person under the new banking regulations and he tells me that I will need to understand about the conduct rules, what does this mean for me?

On March 7, 2016 new regulations came into effect for banks and insurance companies. Known as the Senior Managers Regime (SMR), it means that all those who are designated as senior managers or certified persons are personally liable for any regulatory breaches in areas of their responsibility - in simple terms, this differs from the previous Approved Persons Regime, where it was not always clear who was responsible if things went wrong. This is also part of an ongoing effort to change the culture of financial services and switch the focus to individual accountability.