Preheat oven to 400°F.
Combine cinnamon, vanilla, cornstarch, peach nectar, and juice in saucepan over medium heat.
Stir constantly until mixture thickens and bubbles.
Add sliced peaches to mixture.
Reduce heat and simmer for 5–10 minutes.
In another saucepan, melt margarine and set aside.
Lightly spray 8-inch-square glass dish with cooking spray.
Pour hot peach mixture into dish.
In another bowl, combine pancake mix, flour, sugar, and melted margarine.
Stir in milk.
Quickly spoon this mixture over peach mixture.
Combine nutmeg and brown sugar.
Sprinkle mixture on top of batter.
Bake for 15–20 minutes or until golden brown.
Cool and cut into eight squares.