Imported RAW files turning purple

When I import RAW photos from my camera into Photos, they start out with the correct colours but then after a few seconds change as if a purple filter is put over them.

See colours in first screenshot vs. second.

From a Fujifilm XT-1 which is in the supported list on Digital camera RAW formats supported by OS X El Capitan - Apple Support. Using El Capitan 10.11.4 and Photos 1.5. Digital Camera RAW 6.18.1. Digital Camera RAW Support 6181.

I thought it was a white balance issue at first but it seems like no amount of moving the parameters of the photo will restore the colours back.

Importing the same RAW file into Photoshop works fine.

It's happening with all RAW imports now. Even ones that previously were imported fine several weeks ago. If I try and import the unmodified RAW back into Photos it goes purple. Didn't happen before now.

Help!