ASIC’s warning for banks, survey reveals talk but no action on equality, and more top news

The news Australian professionals are talking about now, curated by LinkedIn’s editors. Join the conversation in the comments below.

ASIC has a warning for Australia’s banks. Deputy chairman Daniel Crennan said they would be punished with separate legal action if their lawyers engage in the “game playing or brinkmanship" they have used in the past. "Large institutions should not treat regular cases brought by a regulator as if it’s a sport or ordinary litigation,” he said in an interview. This comes after Australia’s corporate regulator faced criticism for being too willing to do deals with financial institutions accused of wrongdoing, rather than taking them to court.

Men who support gender equality aren’t doing a whole lot about it, according to a Bain & Company survey. It found fewer than one in five men take an active role in promoting gender balance in the workplace, even though three quarters of them think it’s a good idea. While women thought pointing out discrimination was one of the best actions, the most widely-pursued initiatives by men were mentoring a female colleague and talking about gender equality with other men.

Staff at the Noni B group have spoken out about workplace practices. Workers from the ASX-listed retail group — comprised of Noni B, Rockmans, Millers and W.Lane — told the Sydney Morning Herald they were often forced to work alone and needed to rely on staff from a sister store in the same shopping centre to cover them for bathroom breaks, and sometimes had to purchase products to meet sales targets. This comes as Australian retailers struggle with increased online competition and subdued consumer spending.

Australian startups are often going public too soon, according to TechnologyOne founder Adrian Di Marco, who said this was the reason companies he invested in could receive around a decade of support before feeling the pressure to list on a stock exchange. He said the long time frame was important to get operational, governance and regulatory issues bedded down. "Otherwise you're sorting them out while your face is in the paper every other day, and the pressure must be enormous,” he told the AFR.

Dissatisfaction with government and a feeling of injustice is being felt across rich countries, say new OECD data, which found that anxiety about the economy, health and housing are widespread. A report in Bloomberg notes that the feelings of unease have persisted even as richer countries have become safer, and healthier. While the findings look gloomy, citizens in the 21 countries surveyed mostly support the expansion of government services and benefits.

Idea of the Day: Companies with a diverse workforce are better placed to serve customers globally, says Delta CEO Ed Bastian.

“Our values call for us to seek diversity and promote inclusion because it’s the right thing to do... It’s also good for business.”

What's your take on today’s stories? Share your thoughts in the comments.

— Ben Collins