Locked up, right? He's well-placed (7)

I believe the answer is:

insider

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'he's well-placed' is the definition.
The answer is a person as well as being a singular noun. This is suggested by the definition.

'locked up right?' is the wordplay.
'locked up' becomes 'inside' (I've seen this before).
'right?' becomes 'r' (common abbreviation).
'inside'+'r'='INSIDER'

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(Other definitions for insider that I've seen before include "Member of select group in the know" , "One dealing illegally" , "Member of charmed circle" , "member of the club" , "person with confidential info" .)

I've seen this clue in The Daily Express.

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