Cam timing - advice please!

[Lawrence]

If the dots on the cam and cam cap marks do not line up it is usually caused by a worn cam chain.
However the FZS600 will run happily with the marks out by the very small amount you have shown in the picture. The wear on my chain had the cam timing out by one tooth before I changed it and it still ran cleanly to the red line, but rattled like Foc
You certainly have the signs of a worn cam chain.
I think your problem is elsewhere.
What mileage is on the bike? 57k now
Did it happen suddenly or over a few weeks. fairly quickly but tbh I don't remember how long it took to get really bad
What did you change before it happened? Immediately before, nothing
Check
Clogged air filter, Haven't replaced it but I have taken it out completely as a test.  No difference.
Something under the seat blocking the air filter inlet  Checked.  Still acts the same with the seat/rubber thing/airbox lid all off
Clogged fuel filter  Don't think it's this as it's getting way too much fuel rather than not enough
Kinked fuel line  See above
Some body put restrictors in when you were not looking :lol  Pity it's not that easy
Water in the fuel (a lot of it)  I've started it up a few times when the carbs were empty (after priming them first), if there was a lot of water I guess it wouldn't run at all as the carbs would only have water in them, no fuel?
Intake manifolds leaking  As in the rubber carb-head bits?  They looked ok last time I checked
Diaphragms perforated  All ok.  Also does it with a different set of carbs.
Coil or plug cap issues Make sure caps screwed on the leads fully.  Coils and caps have been changed
Loose or corroded electrical connections  Possible, I've checked everything I can get to and nothing looked corroded or discoloured
Dodgy or worn plugs.  Changed
Valve clearances incorrect  Never been done afaik, would this cause overfuelling like this?
Worn valve seats  No idea, what would cause that?
Compression low  I'll test it if I can get my tester in the gap...
Check the simple things first as the list is almost endless.  Yeah I've found that already

I'll get my compression tester in it if I can and see what that gives.  Would be nice to get it back on the road at some point...

From what I can see in the pictures..all looks good......cam marks have to be spot on with the prongs with the cam lobes on no1 cylinder facing away from each other, T mark  has to align with the join of the upper and lower crankcases......have you had the cams out reacently ?

Nope, never.  Which is why I was worried if they were wrong, how had it happened.