Fleece and reversible raincoats? (4)
I believe the answer is:
scam
'fleece' is the definition.
(I've seen this in another clue)
'reversible raincoats?' is the wordplay.
'reversible' shows that the letters should be reversed in order.
'raincoats?' becomes 'macs' (mac is a kind of raincoat).
'macs' in reverse letter order is 'SCAM'.
'and' is the link.
(Other definitions for scam that I've seen before include "Fraudulent business scheme" , "Swindle (sl.)" , "Con trick" , "Swindle (Slang)" , "Swindle, fraud (colloq.)" .)