Honest observation about frantic memo (4,7)

I believe the answer is:

fair comment

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'honest observation' is the definition.
The definition suggests a singular noun which matches the answer.

'about frantic memo' is the wordplay.
'about' indicates anagramming the letters.
'frantic'+'memo'='franticmemo'
'franticmemo' with letters rearranged gives 'FAIR COMMENT'.

Can you help me to learn more?

(Other definitions for fair comment that I've seen before include "Nothing libellous" , "Honest criticism" .)

I've seen this clue in The Mirror.

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