The Guardian is reporting that British Advertising Standards Authority has decided not to investigate the ad. “Although the ad would be distasteful to some, it was unlikely to cause serious or widespread offence or be generally seen as making light of the lives that were lost in the disaster,” said the ASA. Howard Nelson of Titanic Heritage Trust said he was deeply disappointed in the decision.

My take
The ASA got it right. It is distasteful for some but not for everyone. If someone were game, I would consider a parody Red Bull advert showing Red Bull crates floating in the water being smashed by some large, unnamed ship that looks like it might be Titanic. 🙂

Source: Red Bull Update: Advertising Authority Declines To Ban Controversial Ad(26 Sep 2013, The Guardian)