Having spent five minutes in LASORS, the only reference to CPL requirements with regard to theoretical knowledge is that the exams are passed prior to license issue. This is in agreement with egbt's post above.
Perhaps we are missing the question though; Morphius originally posted a query regarding the unfair advantage of a student over others in their position. As egbt and others have made clear, from the theory exam point of view, the student has not stepped outside the confines of the rulebook.
At the same time, a second question was implied with regard to the suitability of a student as a CPL. If the incident took place as described, then a serious breach of safety has clearly occurred. Busting any airspace is a serious matter, busting Class D is another, busting two Class D's in succession is quite another, and causing a TCAS system to go to alert means that someone, somewhere has done a lot of paperwork and that, in answer to Morphius' original question, the CAA are most definitely involved.
Is there any documented evidence of any of the alleged incidents?
One must assume that the individual concerned, as a PPL holder/CPL student, was well aware of their level of responsibility and their actions as pilot-in-command; if not, yet another question must be raised, does their competence justify holding the privileges of a PPL, and why are they undertaking CPL training - or even being allowed to do so? Heaven forbid that it may have any bearing on the student's gender or other such political catch. Perhaps this is the question that Morphius intended?