Drain syrup from peaches into small saucepan, mix in brown sugar, nutmeg and cinnamon; cook stirring over medium heat until heated through.

Remove from heat and add diced peaches.

Let cool while making pancakes.

Place nuts in non-stick skillet over medium heat until toasted, stirring frequently being careful not to burn them. Remove from heat and chop nuts.

In large mixing bowl, combine pancake mix and water as directed on package. Add half of the nuts to pancake mix (reserve remaining nuts for topping at serving.)

Use same non-stick skillet to cook pancakes over medium heat with light non-stick cooking spray if necessary. Pour batter into pan to form pancakes in the size you desire.

When bubbles form and then break, turn pancakes to ensure they are cooked thoroughly and browned.

For serving top pancakes with syrup and remaining toasted nuts.