Ive been on the symantec sites and googled to my hearts content there is a solution out there but it doesnt work properly. It seems if there is a problem within the shadow copy service it causes backup exec to error with E000FED1 and the soltution to restart your server and check the vssadmin list writers.
Ive done this countless times and after restart checked everything is ok – which it is, and then the backup might work or it might not. I check the VSSADMIN list writers and all is fine there.
Its running Backupexec 2010 SP1 on an SBS 2008 SP2 box.