Check on hip (4)
I believe the answer is:
rein
'check' is the definition.
(both can mean to control or limit)
'on hip' is the wordplay.
'on' becomes 're' ('on' can be mean 'with reference to').
'hip' becomes 'in' (I've seen this in other clues).
're'+'in'='REIN'
(Other definitions for rein that I've seen before include "Horse's steering strap" , "Director's power" , "Horse controller" , "Strap on a bridle" , "Leather used for control in horse-riding" .)