Protected Content Generates 404 Error - Latest BuddyPress Install

Guys, I need some help please with the membership plugin. The problem is that the Protected Content Page doesn't show. Instead, I get a theme like 404 error message when a protected page is accessed. I have also tried this with the standard BuddyPress theme but it is still the same. The strange thing however, is that if I set the 'Use Membership Level' to 'None - No Access To content' then the Protected Content Page does display

Any ideas?

If it helps here's what I'm trying to achieve:

Upon registration give new members free access to everything on the site for 14 days (Level Trial). Then, once the 14 days have expired automatically convert them to a free member where most of the site becomes restricted (Level Free). If they upgrade they then become a premium member with full access once again (Level Premium) for 12 months before expiring back down to a free member again.

I have created 3 levels under one subscription called 'membership' - in this order:

Level Trial - No Positive or Negative Rules Set ( this is set to expire in 14 days - no charge)

Level Premium - No Positive or Negative Rules Set (this is set to expire in 365 days - with a charge )

Level Free - Negative Rule Set to Limit Certain Pages (this is set to never expire)

Under the 'Options Menu' I have selected the following:

Stranger Settings - Free

Use Subscription - Membership

Registration page - Signup

Account page - Account Information

Protected Content Page - No Access

Overide 404 With Protected Content Page - YES (tried it with NO as well)

Any helps greatly appreciated