My version 3 installed on W8.1, no problem, then upgraded to 4 and 5. Then I upgraded to W10 and Phoenix still runs. It's when you install fresh on W 10 that the problem occurs.
Bought a PFS from BMFA website. It came with 2 discs. I loaded Disc.4 onto my laptop and downloaded Version 5 for free. Also an update now version 5.5. All running on Windows 10.