Investors cheered the news, sending shares in the stockbroker up nine percent to 0.36 pence by 9:45am, valuing the group at £1.55 million.
He is currently UK chairman of Marsh & McLennan Companies, Marsh Ltd, Mercer Ltd, and of the Centre for Effective Dispute Resolution.
XCAP has also appointed Jonathan Freeman as an independent non-executive director.
“Sir Peter's experience speaks for itself and the board is delighted to be able to draw on his colossal experience and expertise in the financial services industry,” said senior non-executive director of XCAP Buzz West.
“Sir Peter's and Jonathan's industry and corporate finance expertise will prove invaluable as we seek to grow the business in challenging and consolidating market conditions.”