Big Sur - Unable to create VM from bootcamp partition

Like many I have made the upgrade to Big Sur 11.0.1 and parallels 16.
I have done a clean install of MacOS and created a new Windows 10 bootcamp partition using the bootcamp assistant and Windows 10 runs fine natively.

Unfortunately I am unable to create a VM for my bootcamp partition. I do not have any existing VMs as this is a new clean install of both MacOS and Windows.

Note: this was working ok for me from the beta of Big Sur.

 

Just to close this myself - I was using the Parallels install from the MacOS App Store - this as it seems disables any BootCamp connectivity!!!
Running the installer from the Parallels website worked a treat!

 

Parallels Desktop App Store Edition is a light version which does not have many features available in Standard Edition. If you have initiated the App Store trial, please cancel it else you will be charged after trial.