Operation on handle \\server\HKEY_LOCAL_MACHINE failed

We recently change the account our sql red gate service is running under and after that change we are having problems starting the monitoring of our servers. Below is the entry of our log file that gets written when we try to reestablish the connection to the servers

2013-01-29 22:46:01,822 [ 5] WARN RedGate.Response - Getting Log file
2013-01-29 22:47:07,601 [ 21] WARN RedGate.Response.Engine.Monitoring.Core.Licensing.LicenceAllocator - Licence level for uldbprod (1) changing from #a to #b
2013-01-29 22:47:07,625 [ 21] WARN RedGate.Response.Engine.Monitoring.Core.New.DataCollectionScheduler - Overriding schedule for [Cluster].[SqlServer].[Database]..[Index] with WeeklyJobSchedule(Sunday, 1, 0)
2013-01-29 22:47:07,716 [ 5] WARN RedGate.Response.Engine.Monitoring.Core.Communicators.Machines.Registry.Unmanaged.Handles.AutoRegistryHandle - Operation on handle \\server\HKEY_LOCAL_MACHINE failed with error 5. Closing handle.

Any ideas of what this would possible be?

Thanks.