Paul Myners, speaking at the Smith Institute, spoke on the intensive debate on regulatory reform following the crisis. He looked at the problems of the "comfort blanket" of market efficiency. He discussed derivative markets and his firm belief in their value but also the need for understanding of the products they offer. He then turned to the goals for system reform – to make it safer, stronger and fairer, and to ensure financial markets can punish as easily as they reward. He spoke of the Government's determination to make sure no bank is too complex to fail but stressed regulation cannot fix everything and that shareholders must take action to get better returns from their investments. He also spoke to the BVCA Breakfast on AIFMD developments.