Replacing Bathroom pull switch?

Yeap the two twisted red wires are the live feed and should be connected to C, the other red wire should be connected to L1 - this is the switch live.
The earth (copper wire) should be covered with some green/yellow sheath or tape and connected to the terminal attached to the rose - this is so the rose is earthed.

I would have thought you should have some black wires and some more earth wires connected in the ceiling somewhere.

Remember - turn off the Electricity before you do anything

Mr Handy Andy
November 2008