Step 1

Cut a cross in the base of each peach. Place the water, caster sugar and vanilla bean in a large saucepan over low heat. Cook, stirring, for 5 minutes or until sugar dissolves. Add peaches. Top with a disc of non-stick baking paper. Press down lightly to cover the surface. Cook for 10 minutes or until tender. Use a slotted spoon to transfer the peaches to a bowl.

Step 2

Bring the poaching liquid to the boil over high heat. Boil, uncovered, for 15 minutes or until reduced by half. Stir in the Frangelico. Set aside for 30 minutes. Remove the vanilla bean.

Step 3

Peel the peaches. Halve and remove the stones. Coarsely chop 6 peach halves. Cut remaining peach into thick wedges. Place the peach wedges in an airtight container in the fridge to chill.

Step 4

Beat together the mascarpone, cream and icing sugar in a bowl until the mixture thickens slightly.

Step 5

Dip half the biscuits, 1 at a time, in the Frangelico syrup. Place in the base of a 3L (12-cup) capacity serving bowl. Drizzle over half the syrup. Spread with half the cream mixture. Top with chopped peach. Repeat with remaining biscuits, syrup and cream mixture. Place in the fridge for 8 hours or overnight to chill.

Step 6

Top with the reserved peach wedges, raspberries and hazelnuts to serve.