The most common and most likely answer to this crossword clue is the 8 letter word LATTERLY
I've seen this crossword clue in Financial Times
L
A
T
T
E
R
L
Y
Buddy explains!

The straight part
We know that "not long ago" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case not long ago = latterly.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 LATTERLY mean?
LATTERLY adverb- Recently; to have occurred a short time before.