Although the specs on the Fazer and the Bandits have the same ground clearance (130mm), my Fazer always seemed to to be in danger of scraping the footpegs in tight corners than with my Bandits. I don't think it's my imagination either. I have never scrope my footpeg on a tight corner under my normal riding style with any of my Bandits over the years, but under the same style riding, I have done so once with the Fazer and felt coming close on a few other occasions, so I know were you are coming from.
Rearsets and modifications in that area can be quite expensive so you might have to live with it. Instead of rearsets, you can get these bolt on plates for the Bandit that allow the pegs to be positioned about 20mm higher and a little back too...something which is described above in Dead Eye's post. They supply a longer gear lever bar which you might need also, but the guy who did the DIY job didn't need it. He made a decent enuff job in fairness. Buying them (if you can for the Fazer) are not cheap either, but significantly cheaper to buying rearsets.
Rearsets and modifications in that area can be quite expensive so you might have to live with it. Instead of rearsets, you can get these bolt on plates for the Bandit that allow the pegs to be positioned about 20mm higher and a little back too...something which is described above in Dead Eye's post. They supply a longer gear lever bar which you might need also, but the guy who did the DIY job didn't need it. He made a decent enuff job in fairness. Buying them (if you can for the Fazer) are not cheap either, but significantly cheaper to buying rearsets.