Does the Fists of Earth Skill work as intended? (Probably just a tooltip error)

First some information that seems to be relevant:

Time: Sept, 3 2013 (just the date where I required Fists of Earth)
Frequency: Always
World name: Lamia
Character name: Yomi Deathlene
Class/Level: Pugilist / 25
NPC name/Monster name/Party or solo/In-game time/Area and coordinates: Not relevant enough, since this happends basically anywhere, at any time, at any place.

I'm leaving out information on my system specs and the connection I have as well, since I don't have any graphical or connectivity issues

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So what I noticed is, that there are two statements for this skill.

The first one is, what you see when you hover over the Skill itself, stating that you get 10% less damage from attacks when the Skill is active and that you can't use it with either Fists of Fire/Wind simultaneously.

The second one is when the Skill is active.
The Buff icon states, that my attacks are converted to the Earth Element and that I'll use up MP on my AA's.

I've never got these Earth Elemental attacks so far, neither do I use up MP for my AA's, but I get the 10% damage reduction from the Skill when it's active.

Conclusion for myself: The statement when hovering over the Bufficon is probably wrong.

My question now is, would it be possible to change the tooltip when hovering over the bufficon to the one, that you see when hovering over the skill, or is the Skill not working as intended? (since the last thing I read about this class was, that you are able to change your AA's to a different Element, so I was wondering if there were some changes, that Pugilists/Monks can't do that anymore~).

That tooltip is an artifact from 1.0 wherein it did exactly that, change attack element and spend MP on AAs, now it instead grants more defense.

This isn't the first time this issue is reported, so let me just add my support to this report