After some googling I’ve found several blog posts and forum posts that suggest User Profile re-provisining, re-creating of my site host and re-configuring the my site settings etc. None of them worked for me.
Then I found a blog post that solved my problem written by Melonie Poole. Here is the solution:
The userdisp.aspx page code needs to be changed on any servers providing web application services for the site (the web front ends, for example). On the servers, navigate to C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\12\TEMPLATE\LAYOUTS. Make a copy of the userdisp.aspx file – just in case, so you’ll have something to revert back to! Open the original using Notepad. Look for Scope=”Farm” and change Farm to Web so that it reads Scope=”Web”. Save and close. Repeat on all web servers. It’s not necessary to reset IIS or reboot the servers. Users may need to clear their browser history, however. The page should now load with no issues.Hope this helps..