I also had the same issue. I have a roundabout way of solving it. This will not work if you want to keep all other jquery running.
Basically i disabled the one other js script i had running (which was a “scroll to top”).
The steps I took were to download the js update here: https://github.com/malsup/cycle
(download the jquery.cycle.all.js). And upload it to the wp-featured-content-slider/scripts folder. (it was recommended on various forums/support) — also remove the .txt from the file.
Update the file featured-content-slider.php on line 24 it has the js version file and number, just update it to the the same file name as the updated download.
Then removed my other js scripts.
It is not a reliable fix by any means – I only downloaded and installed the wp-content-slider today, and I am not qualified enough in jquery or PHP to offer this as a solid solution; but I saw this thread when looking for a fix and wanted to let others know how I got on with it.
Hopefully a proper fix will be in the pipeline as it is the ideal plugin for what I wanted.