Hey all sorry to bump an old thread,
I've had the same problem as described (Defy 1), did a bunch of re-greasing and tightening of the things suggested here but to no avail.
I removed the (FSA) cranks last night to grease the spindle and didn't put the wave washer back on, to my surprise the click disappeared. After putting the washer back in place the creak came back. However with some extra tightening I seemed to be able to get the click to remain more or less quiet, the grease on the spindle may have helped too.
I'm wondering if the washer is slightly cracked or something so I'll look at replacing the wave washer in the next few days, but at the moment at least the noise is gone.
Just thought I'd mention it in case it helped anyone else.