A priority for the Human Genetics Commission will be to determine whether insurance companies should be allowed to base clients' premiums on risks calculated from genetic information.
The commission, which advises the government on the social impact of developments in genetics, will also investigate the potential for job discrimination based on employees' genetic make-up.
The announcement on Monday was hailed as the greatest achievement in human history, comparable to splitting the atom.
Warnings
The genetic information is expected to revolutionise medicine with the potential for new tests and drugs for previously untreatable diseases.
But US President Bill Clinton and Prime Minister Tony Blair warned against potential misuse in the same breath as welcoming the landmark project.
The two leaders said the genome project raised huge ethical and moral implications and should be exploited only for the good of humankind.
Some people fear it could also lead to the emergence of a genetic underclass - people who have inherited faulty code - who could be turned away from jobs by employers.
Privacy
Government ministers are believed to be concerned about insurance companies using genetic tests to raise premiums if the information suggests possible health problems.
At present, companies only ask for results of tests that have already been taken.
Another concern is protecting the privacy of people who give blood samples for long term research projects.
It is hoped that measures will be put in place to ensure genetic results are stored anonymously.
Looking to the future impact of the scientific breakthrough, Mr Blair has already suggested a possible reshaping of the welfare system may be necessary to take account of longer and more active lifespans.