The most common and most likely answer to this crossword clue is the 4 plus 8 letter word MISS SCARLETT
I've seen this crossword clue in Financial Times
M
I
S
S
S
C
A
R
L
E
T
T
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.