Fahey is noted for having thwarted an assassination attempt on Charles, Prince of Wales. On Australia Day 1994, Prince Charles was about to commence handing out awards at a ceremony in Sydney's Darling Harbour when a former anthropology student, David Kang, lunged onto the stage towards the prince, simultaneously firing two shots from a starter's pistol. Fahey, sitting next to the prince, subsequently assisted by the then Australian of the Year, Ian Kiernan, tackled Kang and wrestled him to the ground, after which Kang was subdued and arrested. Although the attack proved less dangerous than it was first thought to be, Fahey was nonetheless widely praised for his unthinking bravery.