If CAE are contracting Volotea to conduct base training on completion of an Easyjet MPL course, Part-FCL Subpart E, Appendix 5 and specifically the GM detailing the MPL Training Scheme would be rendered invalid - it's not only phases 2 - 4 but the entire course that is subject to the "specific arrangement...between an ATO and an operator" including pre-entry screening and selection, provision of base training and everything in-between. The concept of a "whitetail' MPL does not float from a regulatory perspective.
My advice would always be to stick with anything that provides a secure opportunity to join an airline on successful completion, but in the case of MPL, I'm really not sure that the job is much more than an inference (unless specified otherwise in a contract between the end-operator and the buyer). In principal, MPL is good for the trainee, good for the training provider and ultimately, good for the operator but there is significantly greater risk attached to a course of training so dependant on the end user when the market turns south or is impacted adversely, and there is evidence to support this both from current MPL employers and others (a number of Flybe MPL cadet's have been left stranded with nothing of tangible value following the collapse for example).
Andrew Lavery asked
Personally, I want to know who regulates some of these cowboy money taking flight
In this case, EASA and the oversight body is Trafikstyrelsen - the Danish Transport, Building and Construction Authority.