The RECONFIGURE Functional Engineering Simulator (FES) is a simulation software tool based on the MATLAB°/Simulink° modeling & simulation environment, specifically designed to support the industrial verification and benchmarking of the Fault Detection and Diagnosis (FDD) and Fault Tolerant Control (FTC) algorithm prototypes designed by the partners of the RECONFIGURE project. The FES includes the benchmark scenarios defined by Airbus for the evaluation of the FDD/FTC designs, namely sensor faults, actuator faults and icing conditions. Although based on a reusable generic-purpose simulation infrastructure layer, the FES has been customized for the verification campaign to be executed with the Airbus benchmark model. Although the development of the FES has not concluded at the time of writing this article, we can describe the software architecture, design and simulation capabilities of this tool within the context of an industrial verification & validation process.