I had a look at the FTE website, there's not much info there, but they say that the part sponsorship comes in the form of a £19800 repayment in the 1st 5 years of employment. Similar to the BA FPP, but not as much refunded.
This is in no way similar to the BA FPP.
The £20k initially received by the successful candidate from FlyBe is to help finance the initial cost of obtaining the MPL. This sum will be paid back in full, interest free, to FlyBe from the candidates regular salary. Not to mention the repayments on top of that to service the loan taken out for the remaining £65k should it be necessary.