Minister for the Cabinet Office Francis Maude said it was "good news for taxpayers" that Serco has agreed to repay £68.5 million for overcharging on criminal tagging contracts.
We are confident that the company is taking steps to address the issues which our review has identified.
Since day one this Government has been working to reform contract management and improve commercial expertise in Whitehall.
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Sir Tom will be joined on the panel by Oscar-winning actress and singer Jennifer Hudson and rock star Gavin Rossdale.
The plans had been in development since 2014, but would help underline Britain as a "global player" following the Brexit result.
The number of calls about children suffering or witnessing emotional abuse or physical violence in the home has surged in recent years.