I'd suppose to check the transistors Q852 and Q850 and the few resistors and diodes around them. The circuit looks quite simple, Q852 does the regulation part by comparing the voltage from the R855/R856 divider to the +50V (as reference). Q850 is the pass element. Since the output voltage is too high, I'd suspect one of the transistors gone short C-E, the divider resistors drifted, R853 failed open. The 43V zener is used for startup / protection, not conducting in normal regulation, so it may have failed as a secondary failure.
The 4Vpp ripple would be the result of Q850 fully turned on or shorted. In case C806 was failed (dried out, lost capacity), the ripple would be way much higher.