"Configuration system failed to initialize" when trying to connect FM12 to Sharepoint

Adding a connection to Sharepoint using the FM12 CMS Connection Manager is failing with the error "Configuration system failed to initialize".  I can access all the sites and libraries in Sharepoint perfectly from IE on the same PC, but no matter what I try in the FM12 Connection Manager I get the above mentioned error.  The PC (which is actually a VM) is running Windows Server  2008 R2 (x64 with heaps of RAM and HDD free) with all updates applied.  FM12 is installed as part of Technical Comms Suite 5 subscription.

Does anyone have any ideas what may be causing this (or what it even means) and how I can fix it?