I had no luck upgrading to the latest release but good news I now have the fix. The problem is caused by a corrupt CPS database. See below for the fix.
1. Take a note of all of your CPS jobs and backup destinations as you will need to recreate them at the end of this procedure
2. Stop all of the CPS services
3. Rename the Database folder in C:\Program Files\VERITAS\Continuous Protection Server\ to database.old
4. Rerun the CPS installation from your installation media and select the repair option, this will create a new CPS database folder and databases. Reboot the server at the end of the repair.
5. You should now be able to recreate all of your backup destinations and jobs, and all should work fine.