Class action - cracking idea... unfortunately the CAA have not technically done anything wrong. The only reference that I can find to becoming an approved CPL/IR FTO (in a financial sense) is:
http://www.caa.co.uk/docs/33/SRG1175Issue1.pdf , section 17.
What do they do with that data? The Lord only knows - from the recent past history it seems irrelevant, other than for apologists at the aquarium to deliver platitudes and say 'all was done in order'. As in:
FLYER Airportal - General Aviation News
I, for one do not want them to start policing the financial acumen of directors and company finances. Stick to doing a damned good job of world beating safety regulation. However, it intrigues me that the statutory requirement to provide a [limited] safety net to passengers (ATOL) seems to be fairly well run, yet they cannot (will not?) provide a minimal safety net for trainees who can only train at the organisations to whom they have given the nod.
This is stuff for corporate law to be amended and the FSA to actually do their job and examine the finances of FTOs who are, to all intents and purposes, behaving as banks.