SQL Backup could not access [HKEY_LOCAL_MACHINE\SOFTWARE\Red Gate\SQL Backup\BackupSettingsGlobal\(L

I have restored many backups on this particular server using the same credentials since day 1. Now this error appears.
I remoted to the server using the service account credentials and I was able to access the registry keys using regedit but I received the same error message when I tried the GUI.
I also received the same error using T-SQL.
The service account is a Local Admin on the server.
Ray Herring
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