Avast & Format Factory 5.7.1.0 update - suspicious file

I am using Win 10 and a paid version of Avast virus software. I have been running Format Factory software for some time. Recently an update came through for Format Factory (Format Factory 5.7.1.0 update) and after it downloads and I run it Avast reports it’s a suspicious file and asks me to move it to the virus chest.
I have gone to Format Factory’s official site for the download but still Avast reports a problem.
The error message is reported is FileRepMalware[PUP].
Is this threat real and what should I do?

The File Rep element is file reputation based, commonly in new unseen/unknown (to avast) low reputation files and possibly not digitally signed.

The PUP = Possibly Unwanted Program, some tools can be used for good or evil and only the user would know what they intend to use it for.

Is the download digitally signed ?

Did it get sent to the Avast Virus Chest ?

Hi andrew728,

We analyzed Format Factory and found some issues in the installation file which may result in unwanted changes in PC (if the application is installed it is safe to use it).

I strongly recommend trusting our detection and move the file to the Avast Virus Chest. Also, you can report it to Format Factory, if they contact us we will help them to solve this issue.

I reported to Format Factory but have not heard from them. For the moment I will not install it.