Shady type important people recalled (4)
I believe the answer is:
spiv
'shady type' is the definition.
(term for a shady or disreputable person)
'important people recalled' is the wordplay.
'important people' becomes 'VIPs' (Very Important People).
'recalled' is a reversal indicator.
'vips' back-to-front is 'SPIV'.
(Other definitions for spiv that I've seen before include "Person living off various dubious schemes" , "Wide boy" , "Old black marketeer" , "Agreement" , "Arthur Daley type" .)