The Department for Transport (DfT) has announced the names of the remaining four members of its five-person Franchise Advisory Panel.

Eurostar chief Richard Brown had previously been appointed chairman of the group and he will be joined by Nicola Shaw, chief executive of High Speed 1 Limited, Stephen Paine of the UBS Investment bank, Crossrail Limited commercial director Martin Buck and chief executive officer of Directly Operated Railways and chairman of East Coast Michael Holden.

The team will provide support and commercial expertise to the DfT as it attempts to overhaul the UK's rail franchising system. It will negotiate 15 major contracts with train companies over the next eight years.

Transport secretary Patrick McLoughlin revealed last month that new franchising methods would create greater transparency and the Franchise Advisory Panel would have an important part to play in achieving this.

"We have already laid the foundations for a successful rail franchising system with our comprehensive new schedule but it is also vital we take advantage of industry know-how," he remarked.