Make a speech about new fancy (6)
I believe the answer is:
ornate
'fancy' is the definition.
(thesaurus)
'make a speech about new' is the wordplay.
'make a speech' becomes 'orate' (I've seen this before).
'about' is an insertion indicator.
'new' becomes 'n'.
'orate' going around 'n' is 'ORNATE'.
(Other definitions for ornate that I've seen before include "Highly decorated" , "Elaborate, flowery" , "Ostentatious" , "Richly decorated, perhaps too much so" , "Richly decorative" .)