Affair involves female fringe (7)
I believe the answer is:
shebang
'affair' is the definition.
('shebang' can informally refer to a matter or situ)
'female fringe' is the wordplay.
'female' becomes 'she' ('she' refers to a woman).
'fringe' becomes 'bang' (I've seen this before).
'she'+'bang'='SHEBANG'
'involves' is the link.
I am not very happy about this link. It may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for shebang that I've seen before include "business" , "The entire system" , "circumstances" , "affair in America" , "The whole thing?" .)