Cryptic crossword clue
There’s nothing fine, alas, in this offensive label 4

The most common and most likely answer to this crossword clue is the 4 letter word OFAY

O
F
A
Y

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The straight part
We know that "offensive label" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case offensive label = ofay.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does OFAY mean?

OFAY noun
  1. A white person.
OFAY adjective
  1. White; white-skinned.

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