Upgrade from SCCM 2012 RTM to SP1 fails with “Microsoft Remote Differential Compression (RDC) library must be registered for Configuration Manager site server installation”

I am trying to upgrade from ConfigMgr 2012 RTM to SP1 but when the Prerequisite Checker runs it’s telling me:

Microsoft Remote Differential Compression (RDC) library must be registered for Configuration Manager site server installation

I’ve checked and RDC is definitely installed.

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