Crossword Genius

Fancy old lace’s fake, by implication? (2-6)

Ross

I believe the answer is:

so-called

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'fake by implication?' is the definition.
'so called' can be an answer for 'fake' (thesaurus). I am not sure about the 'by implication?' bit.

'fancy old lace's' is the wordplay.
'fancy' indicates anagramming the letters.
'old'+'laces'='oldlaces'
'oldlaces' anagrammed gives 'SO-CALLED'.

Can you help me to learn more?

(Other definitions for so-called that I've seen before include "Supposed or improperly named" , "Popularly known as" , "Commonly labelled" , "Alleged" , "Commonly designated" .)

I've seen this clue in The Times.
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