Hyperoptic has criticised broadband providers for misleading customers about what they offer.
Providers are currently allowed to advertise broadband speeds if they are available to ten per cent of their customers.
However, Steve Holford, Chief Customer Officer at Hyperoptic, said advertising speeds in this way has "largely been meaningless", as there is an "ongoing gap" between what is promoted and what providers actually deliver.
He has therefore welcomed the Advertising Standards Authority's (ASA's) decision to open a consultation on how broadband speed advertising can be improved.
Among the options being considered is basing speed claims on a peak-time median download speed or using peak-time download speeds available to the 20th to 80th percentile of users.
"For too long, broadband providers have been allowed to get away with misleading customers," Mr Holford said.
"This consultation is a step in the right direction and will force much-needed clarity on the industry, which should result in a shake-up of standards and the way broadband is marketed."
Mr Holford said Hyperoptic hopes the finalised guidelines from the ASA will force broadband providers to "make clear exactly what service they are offering".
For instance, he said the difference between "part fibre" and "full fibre" is "like night and day", which means business broadband customers need this information before committing to a contract.
"Ensuring a clear distinction will certainly go a long way to stimulating investment and ensuring businesses have the connectivity they deserve and need to thrive in today’s digital economy," Mr Holford added.
This comes shortly after Mr Holford warned that misrepresenting broadband speeds in advertisements is "creating a trust issue with consumers across the UK".
He said he is "proud" that his company "delivers the broadband speeds that it says it will".