We resolve an existing controversy between, on the one hand, convincing evidence for the existence of competing order in underdoped cuprates, and, on the other hand, spectroscopic data consistent with a seemingly homogeneous d-wave superconductor in the very same compounds. Specifically, we show how short-range fluctuations of the competing order essentially restore the nodal d-wave spectrum from the qualitatively distinct folded dispersion resulting from homogeneous coexisting phases. The signatures of the fluctuating competing order can be found mainly in a splitting of the antinodal quasi-particles and, depending of the strength of the competing order, also in small induced nodal gaps as found in recent experiments on underdoped La{2-x}SrxCuO4.

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