Photo copyright Tim Nicholson, whose underwater photographs and photo books are available from http://www.photoboxgallery.com/timnicholson.
Taken on Daedalus Reef in the Egyptian Red Sea.
Coral with Lryetail Anthias (Pseudanthias squamipinnis).

Also known as a Jewel Fairy Basslet, this are the most common species of Anthias found in the Red Sea. The male and female are different colours. The bright orange, smaller fish are the females; pinky-yellow coloured fish the males. You see them in large groups clustered around coral outcrops.

All fish start off life as females. Where a male is lacking, the dominant female fish will turn into a male. The males are territorial and keep a harem of female fish.

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Further Reading
The Underwater Photographer: Digital and Traditional Techniques, by Martin Edge, Paperback, 536 pages (2009)
Coral Reef Guide Red Sea, by Robert Myers and Ewald Lieske