The most common and most likely answer to this crossword clue is the 9 letter word MISGIVING
I've seen this crossword clue in Financial Times
M
I
S
G
I
V
I
N
G
Buddy explains!

The straight part
We know that "qualm" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case qualm = misgiving.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 MISGIVING mean?
MISGIVING noun- Doubt, apprehension, a feeling of dread