Wonderful being involved in prisoners' chats (7)

I believe the answer is:

confabs

'chats' is the definition.
(confab can mean a conversation)

'wonderful being involved in prisoners'' is the wordplay.
'wonderful' becomes 'fab' (slang abbreviation of fabulous).
'being involved in' is an insertion indicator.
'prisoners'' becomes 'cons' (short for convicts).
'fab' placed into 'cons' is 'CONFABS'.

(Another definition for confabs that I've seen is " Chats".)

I've seen this clue in The Independent.

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