Steps to reproduce the issue

Under Components - Contacts create a field group of type Mail
In tab General set Status to Published and Access to Public
In tab Permissions set Edit Own to Allowed
Save & Close
In Contacts: Fields create a field of type Mail
In tab General: Set Type to Checkboxes, fill in a Title, set Required to Yes, set Status to Published, set the field group to the one just created, click the + sign under Checkbox Values
In field Text, add something with an a-HTML tag
In field Value add anything
In tab Options: Set Show Label to Show, set Show On to Site
In tab Permissions set Edit Custom Field Value to Allowed
Save & Close

Go to the Contact form in the frontend
Look at the field group and the field at the bottom of the form

Expected result

The text displayed next to the checkbox should contain a link to some other page.

Actual result

The text does not contain a link, but the respective HTML code

System information (as much as possible)

3.8.4, some common extensions like JCE, Akeeba Backup, Phoca Maps

Additional comments

Error can be reproduced on all my sites already on 3.8.4