The most common and most likely answer to this crossword clue is the 7 letter word AFFAIRS
I've seen this crossword clue in Financial Times
A
F
F
A
I
R
S
More clues leading to the result AFFAIRS
- Flings with a couple of fellows affected behaviour
- A female just before the start of secret liaisons
- A couple of fellows feeling size initially matters
- A fine carnival’s concerns
- Romances a female, beautiful and small
- Send note back to clear school concerns
- Such matters are usually kept secret
- Events at air force exhibitions
- Flings of a female in carnivals
- Really good, really bad, average and satisfactory social events
Buddy explains!

The straight part
We know that "matters" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case matters = affairs.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 AFFAIRS mean?
AFFAIRS noun- (often in the plural) Something which is done or is to be done; business of any kind, commercial, professional, or public.
- Any proceeding or action which it is wished to refer to or characterize vaguely.
- An action or engagement not of sufficient magnitude to be called a battle.
- A material object (vaguely designated).
- An adulterous relationship. (from affaire de cœur).
- A romantic relationship with someone who is not one's regular partner (boyfriend, girlfriend).
- A person with whom someone has an adulterous relationship.
- A party or social gathering, especially of a formal nature.
- The (male or female) genitals.