A fault tolerant control scheme that accommodates sensor and actuator faults while maintaining optimal performance with respect to reference tracking is devised. Optimal fault-accommodation is achieved by solving a norm minimization problem which has been extensively studied in the literature. Here attention is focused on multiple-input single-output (MISO) systems. It is shown that, if the interest lies in the fault-tolerance of the output only, then the optimal tracking and fault-accommodation problems are totally decoupled. Motivated by the need to update in real-time the controller parameters as faults develop, an alternative scheme is presented which trades-off some optimality for computational simplicity.