The most common and most likely answer to this crossword clue is the 7 letter word RAINBOW
I've seen this crossword clue in Financial Times
R
A
I
N
B
O
W
More clues leading to the result RAINBOW
- Area in Belgium initially in dispute with many ethnicities
- Iris, artist with popular archer
- Artist in East End district, one using a series of colours
- East End artist produces colourful display?
- Wet weather front of many colours
- Iris, artist, in front of ship
- Coloured arch made by artist’s cool with nothing in black and white
- A sign of hope for couples coming out?
- Version of The Trout drops leading section
- Colourful old children’s TV show?
Buddy explains!

The straight part
We know that "Iris" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case iris = rainbow.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 RAINBOW mean?
RAINBOW noun- A multicoloured arch in the sky, produced by prismatic refraction of light within droplets of rain in the air.
- Any prismatic refraction of light showing a spectrum of colours.
- (often used with “of”) A wide assortment; a varied multitude.
- An illusion, mirage.
- A curveball, particularly a slow one.
- In Texas hold 'em or Omaha hold 'em, a flop that contains three different suits.
- Rainbow trout.
- To brighten with, or as with, a rainbow; to pattern with the colours of the rainbow.
- To take the appearance of a rainbow.
- Multicolored.
- Made up of several races or ethnicities, or (more broadly) of several cultural or ideological factions.
- LGBT.
- (chiefly of a flop) Composed entirely of different suits.