The most common and most likely answer to this crossword clue is the 8 letter word SHOUTING
I've seen this crossword clue in Financial Times
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More clues leading to the result SHOUTING
Buddy explains!

The straight part
We know that "Raised voices" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case raised voices = shouting.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 SHOUTING mean?
SHOUTING verb- To utter a sudden and loud cry, as in joy, triumph, exultation or anger, or to attract attention, to animate others, etc.
- To utter with a shout; to cry; to shout out
- To pay for food, drink or entertainment for others.
- To post a text message (for example, email) in upper case, regarded as the electronic messaging equivalent of oral shouting.
- To treat with shouts or clamor.
- The action of the verb to shout.