Peter Oakes
Experienced Fintech and Financial Services Board Director
Peter Oakes is a qualified solicitor, and has a background in regulation, governance, and compliance. Peter has held key positions at the Central Bank of Ireland and led initiatives in fintech. Peter Oakes is a founder of Fintech Ireland.
What’s the most important advice you would give to someone considering a board position?
Be selective and conduct thorough due diligence before accepting any board appointment. It’s not just about joining a club - it’s a serious responsibility. You need to understand the risks involved and ensure you can add unique value to the board. If you don’t have the right expertise or understanding, you could find yourself in the headlines for the wrong reasons. Boards thrive on diversity of thought and experience, so it’s essential to assess whether you bring something different to the table.
How has your career in regulation and governance shaped your approach as a board director?
My career began in regulation in Australia, where I witnessed firsthand how governance failures led to a corporate crisis and regulatory overhaul. I later worked with the UK Financial Services Authority (FSA) during its formation, and then as Director of Enforcement and Financial Crime at the Central Bank of Ireland during the financial crisis. Those experiences reinforced the importance of strong governance, regulatory compliance, and the role of independent directors in challenging management decisions. I bring that perspective to every board I serve on.
How has Ireland’s fintech sector evolved, and what should NEDs consider before joining a fintech board?
Ireland’s fintech success is partly due to the presence of major US tech firms, the availability of skilled professionals, and strong regulatory frameworks. There are now around 300 indigenous fintech firms and 140 international ones operating in Ireland. However, fintech moves fast, and that means risk. NEDs must be comfortable engaging with entrepreneurs who are scaling rapidly and sometimes breaking conventions. Regulators see risk in that, and it’s up to NEDs to ensure there is strong oversight. If you’re not prepared to challenge management or engage with investors, a fintech board might not be the right fit for you.
What key skills and attributes make for an effective independent non-executive director (INED)?
First, you need to be comfortable analysing financials - profit and loss statements, balance sheets, and cash flow reports. While you don’t have to be a chartered accountant, you must be able to ask the right questions. Independence of thought is also crucial. You’re not there as a cheerleader for management - you’re there to provide oversight and challenge decisions when necessary. Finally, understanding your regulatory obligations is key. If you’re not prepared to be questioned by a regulator, an INED role in financial services may not be for you.
How has your IoD Ireland membership supported your journey as a board director?
IoD Ireland has been invaluable to me. When I first joined in 2008, I was looking to deepen my understanding of Irish company law and governance. Completing the Chartered Director programme in 2009 was a great foundation for my board career. Beyond education, the networking opportunities have been exceptional. The IoD provides ongoing professional development, high-quality events, and access to a peer network that is incredibly useful for staying at the forefront of governance trends. The practical business value of membership is undeniable, especially for INEDs who need to stay CPD-compliant and informed.
