Storyteller in regalia recounting (4)
I believe the answer is:
liar
'storyteller' is the definition.
(telling stories can mean lying)
'in regalia recounting' is the wordplay.
'in' says the answer is hidden in the clue.
'LIAR' can be found hidden inside 'regalia recounting'.
(Other definitions for liar that I've seen before include "Teller of fibs" , "Untruthful person (Billy in Schlesinger film)" , "man of fiction?" , "Worse than a thief" , "Dissembler" .)