Virtuous Banking: Placing ethos and purpose at the heart of banking also calls for an immediate review into diversity in banking. It accuses banks of paying "too little attention" to the role of diversity in stabilising the industry.
The introduction of a Hippocratic-style oath was first brought before the Banking Standards Review following the financial crisis but was rejected.
The ResPublica report calls for this idea to be reconsidered, citing the example of the Dutch Banking Association (DBA).
In February of this year it was announced that all 90,000 members of the DBA will be required to sign a strongly-worded agreement to conduct their business in an ethical way.
It contains the lines: "It is my duty to conduct my business in an ethical manner and to ensure that my actions impact positively on the wellbeing of people both inside and outside my enterprise"
The proposed oath for British bankers closely mirrors the Dutch model and contains the phrase: "It is my first duty to provide an exemplary quality of service to my customers and to exhibit a duty of care above and beyond what is required by law."
ResPublica director Phillip Blond highlighted the need for reform to "finally place bankers on the road to absolution".
"Britain's bankers lack a sense of ethos and the institutions they work for lack a clearly defined social purpose," he said.
