Preheat the oven to 400° and line a baking sheet with parchment paper. Set aside.
In a large bowl whisk the flour, sugar, baking powder, and salt together.
Use a box grater to grate the cold butter into the dry ingredients. Use your hands to llightly mix the butter into the flour. Add the diced peaches and toss gently.
In a medium bowl, combine the cream, egg and vanilla extract. Pour over the butter and dry ingredients and stir to combine. Trying to work the dough as little as possible, turn out onto a lightly floured surface and work into a ball. Flatten into an 8-9 inch disc. Use a sharp knife to cut into 6-8 equal pieces.
Arrange the pieces on the prepared baking sheet, leaving about 2 inches between each one.
Bake for 25-28 minutes, or until nice and golden brown. Allow to cool for at least 5-10 minutes before drizzling the icing over the top.
Icing: In a small bowl whisk together the powdered sugar, heavy cream, and vanilla extract. If it seems too thick, add 1 more tablespoon of heavy cream.
You can substitute the yellow peaches for white peaches, white or yellow nectarines or even plums if you'd like.