I understand your disappointment. However, "under consideration" implies that it can go either way - and sounds like a generic term applied to candidates who are clearly good enough to become an airline pilot; but not necessarily good enough for the FPP (whatever good enough means). If I were you I'd try to take the positives from that.
Nope. The people who were under consideration with Oxford had passed the criteria set by BA to make it down to Waterside. The only reason they didn't make it through was due lack of available spaces. 100 I'm led to believe for each FTO. Those people, including myself would have been able to have a very good go at getting onto the scheme and no doubt a few would have got on.
This selection process takes 4 months from start to finish and £250 of peoples hard earned money. I personally believe that if a candidate had passed the BA criteria, then they should have been able to show what they are made of down at Waterside regardless of numbers. Its not like time or money is an issue.
But hey, that's life.