Closer inspection of the throttle cable showed a possible area of concern. The steering dampener situated underneath the cargo box seemed to be rubbing ever so slightly on the cable when I turned right. By wiggling this section of cable I was able to get the LED to stop flashing so there was obviously now a fault in this part of the wiring. I cut out this section and soldered the cable back together and all was good again. Sure enough the section of wire I removed did have some issues with the internal insulation and there was an intermittent short circuit occurring.
I rerouted the cable well away from the steering and checked everything else and it all seemed fine. The bike now powers along as it should. I only wish the controller was flashing this error code every other time I was looking for the problem!