Beta 4.2.1 (build 428) - not storing in WinSCP.ini

Vista
WinSCP Beta 4.2.1 (build 428)

In Preferences > Storage, I selected to store the configuration in WinSCP.ini

which, as I understand it, should be created in the Program File\WinSCP directory

However, WinSCP.ini is not being created at all (as far as I can tell)

Am I missing something?

Thanks

Lets keep discussing this here.