Error while updating FieldSecurityProfiles

Error Number: 0x8004F502
Error Message: Caller 922a732c-0e44-e411-80bf-aecaab867a05 doesn't have Create privilege for attribute 'new_attribute' of entity 'contact'

Tip: Check if the attribute on the form is read-only, this can cause the error message, even though the user is System Administrator.