A NEW City panel is to help the financial services sector tackle the impact of the credit crunch and competition from rival centres, the Treasury said today.

The Financial Services Global Competitiveness Group will be co-chaired by Chancellor Alistair Darling and Sir Win Bischoff, chair of banking giant Citi.

The CBI said last month that six out of 10 business leaders feared London's competitive status was under threat, with its reputation damaged by controversies such as the reforms to `non-dom' taxation. The committee's membership features HSBC chief executive Michael Geoghegan, London Stock Exchange chief Clara Furse, and Paul Myners (pictured), former chairman of Marks & Spencer who now heads the Guardian Media Group.