The Finance Sector Union yesterday took a stand on how to shape the royal commission into banking and finance proposed by the Labor Party.The union set out one reform goal in a circular to members yesterday, saying "this could turn current performance based pay systems, including bonus arrangements, on their heads."The FSU argued that "a piecemeal approach to the problems and the possible solutions is not going to work. Abolishing sales based pay and bonuses without replacing them with something better is not going to work. "On this basis there is a role for a judicial inquiry into the systemic problems in the banking and financial services industries."The FSU said it would support a royal commission "provided that the terms of reference … do not allow it to become a witch hunt against individual employees. Rather, they must focus on the systemic problems caused by decisions taken at the senior levels of the industry."