I would imagine that remnants of the old suite remained which are corrupting this. Uninstall everything in the normal manner via Control Panel and then run the MCPR cleanup tool linked under Useful Links at the top of this page, reboot and then reinstall.
Please logon to your McAfee account [http://us.mcafee.com/root/login.asp] and under subscription details , check if the current product is installed on more PC's than the amount of licenses you have subscribed for !
If yes, deactivate the unused PC and update McAfee .
Additionally, follow the instructions here : http://service.mcafee.com/faqdocument.aspx?id=TS100966