Preheat the oven to 350°F (175°C). Melt the butter in a 10-inch cast iron skillet. Add the brown sugar and rum; stir briefly, then allow to bubble and caramelize for about 5 minutes, until it becomes a rich golden brown. Remove from heat and arrange the bananas over the toffee.
In a medium bowl, whisk together the flour, baking powder, cinnamon, nutmeg and salt. In a large bowl, beat the butter and white sugar until light and fluffy, about 3 minutes. Add the eggs one at a time, beating thoroughly after each. Beat in the rum and vanilla.
With the mixer speed on low, add one-third of the flour mixture, then one half of the milk. Repeat, ending with the flour mixture, mixing until just combined. Scrape the batter over the bananas in the skillet and smooth the top. Bake in the centre of the oven 30–35 minutes, until golden brown on top and a toothpick inserted in the centre comes out clean. Allow to cool in the pan 5 minutes before inverting onto a plate.
Notes
Caramelize the toffee: Let the brown sugar and butter bubble to a rich golden brown for deep toffee flavour — watch closely.Ripe but firm bananas: Use ripe bananas that still hold their shape over the toffee.Invert promptly: Cool just 5 minutes, then flip while warm so the toffee releases cleanly.A little rum: Rum in both the toffee and batter adds warmth; omit if you prefer.