The ad was one in a series of six ads using the strapline "If you don't look after your money who will?".
The spot shows two Scotsmen on a farm painting white lines and cutting up pieces of turf. It becomes apparent that they are creating bogus pieces of Wembley turf, which they have been selling to unsuspecting customers, with one of the men saying he would sell the turf to "anybody that's daft enough really".
"Who's going to know the difference... the English will buy anything," he added.
Ofcom decided to clear the ad of complaints after deciding that the humour in the ad was directed at two groups with a strong standing in UK society.
In its ruling, the watchdog said: "We thought it would be accepted in the gently mocking way in which it was intended and that it was unlikely to cause serious harm or offence."
The body also cleared McCann Erickson's advertisement for Walls Cornetto after 66 complaints, some of which were from viewers upset that the woman in the ad appeared to be prostituting herself for ice cream.
The ad showed a woman stripping off to reveal sexy underwear, offering herself to her partner in exchange for the Cornetto he was eating. Ofcom said that the woman appeared to be in full control of her actions and was not portrayed in a negative way, nor was the ad explicit.
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