The FCA (once called the FSA), regulates the Mortgage industry.  MCOBS is the Mortgage and Home Finance Conduct of Business Sourcebook: and it contains the Rules with which lenders must comply. 

The Rules have only been in place for a relatively short period of time, therefore it may have escaped your attention that precedent was recently set, at the Royal Courts of Justice, for the mis-selling of mortgages. We just happen to be on speaking terms with the barrister who set it!

In this video, Simon explains the open-field-day which has just been created. It looks like Banks and Brokers may have mis-interpreted the Rules - oh dear!