Action of a lowdown, gutless cowboy (6)
I believe the answer is:
agency
'action' is the definition.
(thesaurus)
'a lowdown gutless cowboy' is the wordplay.
'a lowdown' becomes 'agen' (I can't explain this - if you can you should give a lot more credence to this answer).
'gutless' means to remove the middle letters.
'cowboy' with its centre removed is 'cy'.
'agen'+'cy'='AGENCY'
'of' is the link.
Can you help me to learn more?
(Other definitions for agency that I've seen before include "Type of business" , "Business that conducts business on behalf of others" , "Bureau; instrumentality" , "Office or business of one who does business for others" , "Through which something is accomplished" .)