Enforcement director to quit Central Bank

The Central Bank’s head of enforcement, Peter Oakes, is leaving the post next April to “pursue other interests”.

The bank, which is responsible for regulating the Republic’s financial services industry, hired Mr Oakes in 2010 to establish and head up its new enforcement division.

The move was part of an overall reorganisation of the institution that followed the crisis and collapse of the financial system in 2008.

The bank announced yesterday that Mr Oakes is leaving as he wants to “take the opportunity to pursue other interests”. He will remain in the position until April, during which time it is expected that the bank will begin the process of recruiting a successor.

His department in the bank is responsible for investigations and enforcement of issues relating to prudential regulation, conduct of business, consumer protection, securities regulation, and fitness and probity.

Mr Oakes is a director of two companies – Visible Compliance and Coogee Consulting. Before joining the Central Bank in October 2010, he worked for Compliance Ireland, which provides training and consultancy services in the areas of regulation, corporate governance and risk.

He was also a non-executive of investment manager, Oasis Global Management Company (Ireland). He quit both roles ahead of joining the Central Bank.

He qualified as a solicitor in his native Australia and worked for the country’s stock market regulator, the Securities and Investments Commission. From there he moved to London, where he was employed in the Financial Services Authority’s enforcement division. He was later employed by Delaware Investments before Barings Asset Management hired him as solicitor .

In a statement yesterday, he said he was satisfied with the progress that the Central Bank’s enforcement division had made, and added that he believed it would make good on its statutory obligations.

Deputy governor, Matthew Elderfield, said he was very grateful to Mr Oakes for his work at the bank.