In November, analysis of government data by the RAC Foundation found that private parking companies were issuing an average of 41,000 parking tickets per day.
Each ticket can be up to £100, meaning the maximum total daily income from fines to drivers would amount to £4.1m.
A bill to introduce a government-backed code of practice for private parking companies received royal assent in 2019 but it was withdrawn in June 2022 after a legal challenge by parking companies.
That code included a £50 cap on most fines, a grace period for lateness and a fairer appeals system.
In June, the BPA and IPC published their own code of practice which is what will be overseen by the new panel.
The move to introduce the panel shows that private parking firms are “serious about raising standards but also making decisive changes to the code when issues arise”, BPA chief executive Andrew Pester said.
IPC chief executive Will Hurley said the panel “shows the commitment the industry has to improving the reputation of our sector”.
