Hi John
First thing to try, unplug lathe from power supply and leave it for 2 minutes for power to drain from machine this is important.
Second step remove the red backing plate from headstock four small cap screws.
Third step plug back into mains and switch on (DO NOT PUT YOUR HANDS IN THE BACK) now you need you workshop as dark as possible for this look in the back to the far right hand corner, you should see a tiny neon light on. This is your mother board test light if the light is on then your mother board is ok if not then we can go no further, if there is a light on un plug leave for two more minutes and go to next step.
Fourth step if you have an airline put the nozzle in the two vents located under the spindle on the head stock and give it a real good blow through. If you don't have an airline use a vac and get as far inside as you can being careful not to damage any parts, the airline method is better when you are happy that you have got it as dust free as passable replace back plate, don't power back up yet.
Step five remove the digital read out box on the front four phillips screws and blow or suck the dust out of that, you will see a ribbon connection push both ends to make sure they are tight as they can work loose, replace cover power back up and hopefully you should be away again.
I can not guarantee that this is a cure but it worked for me, and i did not have to spend the £600 that record were wanting off me to fix it. Mine had stopped working altogether and having been messed about for 5 weeks by both record power and teknatool, i finally spoke to a man who did know what he was talking about he does not work for either of these two companies.
He also asked me not to reveal his name and the fact that we had a conversation about this product something to do with the relationship between the company he works for and recordpower, should this not work for you i will contact him and ask him if i can pm you his name and contact details.
Good luck
Regards
Berns