The most common and most likely answer to this crossword clue is the 4 plus 10 letter word IRON CHANCELLOR
I've seen this crossword clue in Financial Times
I
R
O
N
C
H
A
N
C
E
L
L
O
R
Buddy explains!
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.