Yes it pays to shop around usually. You can turn off the auto-renewal on your account page if necessary.
That's Windows 7 SP1 I trust? Also do you have IE9 installed? It doesn't have to be your default browser but McAfee uses it.
Check also your system clock for accuracy.
Run the Virtual Technician to see if it can fix the problem: http://mvt.mcafee.com/
if not then it's possible the old software wasn't all removed so uninstall everything via Control Panel > Programs > Uninstall a Program
Then run the MCPR Cleanup Tool and reboot.
Reinstall from your online account.
Thanks Peter that one worked.
To answer your other queries: Yes, it is Win7 SP1 and IE9. System clock is also accurate (I'm currently in MY).
Running MVT did not help also (did not also help in the previous run).
Uninstalling it and running the MCPR cleanup helped. I was surprised that the interface is now different
Glad that helped. Yes the new interface is the redesign specifically for touch screens and Windows 8 and came along with the 12.1 upgrade. You'd be surprised how many people don't like it.