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Last I heard, FC is limited to a recast reduction of 40% (80% casting cap, 80% FC = 40% recast). But you can also combine it with gear haste (25% reduction), the spell Haste (15% reduction), and possibly other forms of haste such as Haste II (30% instead of 15%), Geo-Haste (varies, but can be up to 35% with 900 skill tier and Dunna, or more with Idris), or Marches.
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Ah. I meant total recast reduction.
So FC + magic haste + JA haste + gear haste = capped at 50% reduction of recast for spells.
Is this no longer the case?
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Recast reduction is 80%.
Edit: I realize I stated this as fact but I can't find a confirmation of it so YMMV.