Commonly known as porceline fungus, due to the delicate, translucent toadstools.
This fungi is thought to work in a soft rot mode. It can found on trunks and branches, often high up.
I have seen porceline fungus mostly on beech, but sometimes on oak.
Porceline fungus ruptures through cracks in bark. It produces distinct orange zones within wood that it has colonised.
Probably has limited significance relating to tree failure, although may be more significant in dead trees.