BuddyPress.org

After upgrading to the latest BuddyPress version (2.2.1) I’ve started getting the following message in wp-admin:
The following active BuddyPress Components do not have associated WordPress Pages: Links. Repair
This happens despite the Links page is indeed associated with BP Links component.
Trying to access individual links’ pages generates a 404 error as if the links component is not associated with its page.

Tried so far:
Re-activating BP Links plugin has no effect on the issue.
Saving premalinks structure has no effect on the issue.
Issue is not theme-specific as it shows itself in 2014.

Wordpress version: 4.1.1.

Any help with fixing this issue will be greatly appreciated.