Ultimate failure of one to pick Bond up is concerning (2,2)
I believe the answer is:
in re
'is concerning' is the definition.
(short for 'in regards to' ie concerning a topic)
'ultimate failure of one to pick bond up' is the wordplay.
'ultimate failure of' means to remove the last letter (the last or ultimate letter fails to appear).
'one to pick bond' becomes 'ERNIE' (machine which selects government premium bonds).
'up' shows that the letters should be reversed in order (in down clue: letters go upwards).
'ernie' with its last letter taken off is 'erni'.
'erni' backwards is 'IN RE'.
(Other definitions for in re that I've seen before include "With regard to" , "Concerning (L)" , "In the matter of (Lat.)" .)