Well, if you need to tell people that, it's not clear enough and thus breaks the law. I don't know what it looks like and I can imagine you used a third party to provide it, but for user friendliness it could be a good idea to change it. I doubt you would get into legal trouble though since a lot of websites use this same format, but I always hate it when I see it.

Not for me, in fact, my one doesn't seem to save the preferences and I'm not using beta.