In new memorial, fellow found old French flag (9)

I believe the answer is:

oriflamme

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'french flag' is the definition.
(I've seen this before)

'in new memorial fellow' is the wordplay.
'in' is an insertion indicator.
'new' indicates an anagram.
'fellow' becomes 'f' (abbreviation - of a society etc.).
'memorial' is an anagram of 'orilamme'.
'orilamme' going around 'f' is 'ORIFLAMME'.

'found old' acts as a link.
I am not very happy about this link. Some or all of it may belong to another bit of the clue.

Can you help me to learn more?

(Other definitions for oriflamme that I've seen before include "French flag" , "Banner" , "Knight's standard (hist.)" .)

I've seen this clue in the Sydney Morning Herald.

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