There was a problem retrieving data for this field. Updating values in this field is disabled temporarily. You can still update values in other fields.

While trying to update user profile of a user in SharePoint 2010 I got this error  "There was a problem retrieving data for this field. Updating values in this field is disabled temporarily. You can still update values in other fields.".

The SharePoint farm was using cross-farm services. The "Managed Metadata Web Service" was shared between the farms. This issue can be resolved by enabling "This service application is the default storage location for Keywords." option for the "Managed Metadata Web Service Proxy".