Lord Currie, chairman of Ofcom, has told the annual Advertising Association lunch that the new watchdog would enforce tougher sanctions on advertising that breached standards of taste and decency.
"In the case of broadcast advertising, this will mean the ability to instruct broadcasters to pull an offending advertisement at once," he said.
In March, an ad promoting Wrigley's Xcite chewing gum, which showed a man regurgitating a dog, became the most complained about in the history of the current broadcast watchdog, the Independent Television Commission.
More than 600 complaints about the ad were received, but it took several days before the ad was pulled from screens. The ad was created by Abbott Mead Vickers BBDO.
As well as being most talked about, it also topped the recent Ads That Make News survey by Propeller and Durrants.
Lord Currie reiterated Ofcom's commitment to self regulation, saying that there must be a clear division of responsibility between Ofcom and the broadcast advertising regulatory body. While the industry will devise the code, Lord Currie stressed that there must be independence from interference by interested parties.
The proposed model is similar to the Advertising Standards Authority, which oversees non-broadcast advertising.
At the same time, Lord Currie praised the advertising industry, saying: "Here we have an industry which is central to the success of the communications sector and which is confident, mature and responsible. This bears on the new relationship which I hope we can create in broadcast advertising."
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