Any help is much appreciated seth and eKretz! I have a background in electronics, but that was more books than hands, so can provide some input.
I had a reply from Fanatec today saying that they could send out a replacement PCB. I'm surprised that they still have spares to be honest! That might be my fallback option if we can't identify something else as the problem.
I think that the vertical IC (the MOSFET) will be switched quickly to give a variable voltage output to the motor, controlling its torque. This control signal likely originates from the IC under the silver heatsink. If you're able to test the signals across the motor (tweezer point on photo) and the vertical IC (gate-source and drain-source) that would help try to narrow in on the cause.
I'm in the UK, so timing might not sync, but thankful of help as you're available!