I have managed to repair it myself. I have installed buddypress as a plugin for our members in a domain http://www.domain.com/members. When it was going to the usual buddypress member’s admin page domain.com/members/members it could not find it. I changed the name of the standard bp ‘members’ page to ‘subscribers’ and it solved the problem.
Strange bug, perhaps could be fixed with the next update.
Thank you for the reply.
Adam
Just to add. It was a fresh installation of WordPress v.3.3.2, Buddypress 1.5.5 with the standard template. Tried reinstalling permalinks – no change.