Preheat the oven to 425 degrees F. Make the topping: Whisk the flour, sugar, baking powder, salt and nutmeg in a large bowl. Work in the butter with your fingers or a pastry blender until the mixture looks like coarse meal with some pea-size lumps. Add the cream and stir with a fork until combined. Turn out onto a lightly floured surface; knead 4 or 5 times to bring the dough together. Pat into a 1/2-inch-thick round, then use a 1 1/2-to-2-inch cookie cutter to cut out biscuits. Pat the scraps together and cut out more biscuits. Put the biscuits on a baking sheet and chill until ready to use.
Make the filling: Melt the butter in a large ovenproof skillet over medium heat. Add the peaches, flour, honey, lemon juice, lemon zest, vanilla, cinnamon and nutmeg and cook, stirring occasionally, until bubbling, about 5 minutes. Stir in the raspberries, then arrange the biscuits on top. Brush the biscuits with cream and sprinkle lightly with sugar.
Transfer the skillet to the oven and bake until the fruit is bubbling and the biscuits are cooked through, about 25 minutes. (If the biscuits are browning too quickly, cover loosely with foil.) Let cool slightly before serving.