If airlines don't need to own their own aircraft why should FTO's?
I agree, but by how much is a passenger inconvenienced if the airline goes bust? By how much is a student inconvenienced if the FTO goes bust? Consider the financial, pyschological and relationship effects.
Greater brains than mine, I am sure, have stormed this one. The only solution I can arrive at is escrow. This will put up the price of training, but maybe training is too cheap (heresy?) anyway? All of these FTOs work on such small margins it is no wonder some go belly up. Administering the escrow could be where the CAA becomes useful on this issue...