Why? Surely Britannia/ThompsonFly take on at least 6 FOs a year! They are not going to approve dozens of students. They are a very respected airline and will only "approve" a very small number. They will not want to get a bad name by "approving" lots of students with absolutely no intention of employing them at the end.
It is exactly the same as the CTC scheme. You are approved, fund yourself and, when you complete the course, if ThompsonFly has vacancies you get the job. How does this differ from CTC and easyJet? CTC will not take on any more students than easyJet and Thomas Cook expect to need 15 months or so down the line (unless you join the new fully self-funded, no promises whatsoever version). And in 18 months time who knows what easyJet's and Thomas Cook's employment situation will be!
From CTC's own website under FAQ:
"What happens if I pass the course but the airline’s plans for employment changes?
Our experience is that most cadets can expect to progress onto Advanced Training and into employment. However, in unexpected industry recessions, airlines may cease recruitment. In this event, you would remain in the pool of trained pilots awaiting employment and would be in a preferential position to achieve Airline placement when the situation improved. You would, of course, remain liable for the repayments of any loan arrangements you have made, but you may rest assured that we would be making every effort to place you in alternative employment."
I am not knocking the CTC scheme but I don't see any difference with the Jerez scheme.
CTC may place 95% of the graduates at the moment. How many students have actually graduated from the CTC ab-initio scheme? It's only been going for about 18 months.
And there is no use complaining about what entry qualifications are required. Every airline has their own ideas. If they place tougher entry requirements for one thing they will receive a lot less applications to wade through!