Fine stench around rubbish (5)
I believe the answer is:
hokum
'rubbish' is the definition.
(I've seen this before)
'fine stench around' is the wordplay.
'fine' becomes 'ok' (synonyms).
'stench' becomes 'hum' (I've seen this before).
'around' is an insertion indicator.
'ok' inserted inside 'hum' is 'HOKUM'.
(Other definitions for hokum that I've seen before include "Sentimental stuff in play or film, nonsense" , "Bunk" , "Meaninglessness" , "Nonsense (colloq.)" , "Rubbish" .)