who owns the cables ?
is it dno or consumer side of main switch ?
the pitch is bitumen based and is not conductive otherwise it wouldnt be used as a cutout sealant.
when its all melted away you'll have no arcing barrier between the main incomer terminals.
the pitch isnt between terminals, 2 large 40 yr old SWAs come into the top of this. there are no other terminals/live uninsulated parts above this. could it be old PILC cable and the pitch is from the cables' insulation?