Latest out, umpteenth I fancy (2-2-3-6)
I believe the answer is:
up-to-the-minute
'latest' is the definition.
('up-to-the-minute' can be a synonym of 'latest')
'out umpteenth i fancy' is the subsidiary indication.
'fancy' indicates an anagram.
'out'+'umpteenth'+'i'='outumpteenthi'
'outumpteenthi' is an anagram of 'uptotheminute'.
(Other definitions for up-to-the-minute that I've seen before include "Right now" , "Tie up the mount? (anag)" , "Extremely modern" , "Current" , "Incorporating the very latest developments" .)