Food fish situation, reportedly (6)
I believe the answer is:
plaice
'food fish' is the definition.
(I've seen this before)
'situation reportedly' is the wordplay.
'situation' becomes 'place' (place is a kind of situation).
'reportedly' indicates a 'sounds like' (homophone) clue.
'place' sounds like 'PLAICE'.
(Other definitions for plaice that I've seen before include "Ice, pal, will catch this fish" , "Swimmer" , "A succulent flat-fish" , "Location of the fish" , "The fish sounds as if it hits the spot" .)