Cryptic crossword clue
Untangling a rum scheme, one of Sherlock’s pleasures 10

The most common and most likely answer to this crossword clue is the 10 letter word MEERSCHAUM

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "one of Sherlock’s pleasures" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one of sherlock’s pleasures = meerschaum.
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 MEERSCHAUM mean?

MEERSCHAUM noun
  1. A soft white mineral, chiefly used for smoking-pipes and cigar holders.
  2. A smoking-pipe made from meerschaum.

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