SCOM console error could not load type from assembly

This is an older error that still keeps popping up at several customers of mine because of catching up patch cycles. I just thought I would re-blog this one again as I see it more often.
What happens:
When openening the SCOM console it tries to connect to the RMS and throws the following error:
Failed to connect to server ‘fqdn-of-RMS’.
Could not load type ‘System.Security.Authentication.ExtendedProtection.ExtendedProtectionPolicy’ from assembly ‘System, Version=, Culture=neutral, PublicKeyToken=b77a5c561934e089’.
screenshot could not load type from assembly
Why is it happening and what to do:
There were a few updates in June on the .NET framework front that caused this. I will not repeat the text of the KB article, but in stead link to it:
Good luck with it!
Bob Cornelissen