Socialist finds fish diverting items (3,8)

I believe the answer is:

red herrings

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'diverting items' is the definition.
Although both the answer and definition are plural nouns, I don't see how they can define each other.

'socialist finds fish' is the wordplay.
'socialist' becomes 'red' (red can informally mean a socialist).
'finds' is a charade indicator (letters next to each other).
'fish' becomes 'herrings' (I've seen this before).
'red'+'herrings'='RED HERRINGS'

Can you help me to learn more?

I've seen this clue in The Mirror.

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