The paper describes a vector-controlled fault tolerant control (FTC) structure for permanent magnet synchronous motor (PMSM) drives. As a control algorithm, the classical field oriented control was applied. For the proper operation of this drive, minimum two current sensors are necessary, however, in the FTC drives additional redundant transducers are applied. Each measuring sensor, including current sensors, are susceptible to damage and can lead to unstable operation of the drive. The presented control structure, with a diagnostic and compensation system, is robust to the typical current sensor faults—lack of signal, intermittent signal, variable gain, signal noise and signal saturation. The fault detection algorithm is based on the signal method. The fault diagnostic system is tested in two control algorithms—the scalar control and vector control ones—to demonstrate the transient of the faulted signals, detection signals and detection time. After current sensor fault appearance, its influence on the control structure, especially speed transient, is compensated using non-sensitive components. The analysis is presented for all the abovementioned faults for different speed conditions.