Lots of deities (female) face a setback (5)
I believe the answer is:
Here is my best explanation:
'lots of deities' is the definition.
'female face a setback' is the subsidiary indication.
'face' says to take the initial letters.
'setback' becomes 'tes' (I've seen this in other clues).
The first letter of 'female' is 'f'.
(Other definitions for fates that I've seen before include "Clotho, Lachesis and Atropos", "Goddesses governing human lives", "Straighten out", "classical goddesses", "Three Greek goddesses who presided over life and death", "Three Greek goddesses of destiny", "Three Greek goddesses who presided over people's destinies", "Goddesses guiding human lives", "Lots" and "Classical goddess trio".)