I have again got the same problem with the same machine. Don’t know exactly when it started to fail, but it could have been when there was an update of the UPS software and the machine was restarted.
I have gone through all the settings as above and everything seems fine. Except that it isn’t working when run as a service. If I run FSQL as an application. Bang. I see all the values, nice and pretty. But as a service, nope. 
It must be some COM or DCOM settings (other than the above as these are verified and are correct) which have changed suddenly but I can’t find it.
Any idea of what to try next?