Reversible raincoats and fleece (4)
I believe the answer is:
scam
'fleece' is the definition.
(I've seen this in another clue)
'reversible raincoats' is the wordplay.
'reversible' is a reversal indicator.
'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 trick or swindle" , "Swindle, fraud (colloq.)" , "Fraudulent business scheme" , "fiddle" , "A modern kind of swindle" .)