Hi dexter7d,
An important distinction: the scheme is closed to new applicants at the moment.
The FPP has typically opened once a year for written applications, and (subject to passing this first round of selection) the entire process involves several selection days and takes several months to complete.
This year (2014-15), the opening of the programme to applications was delayed from its usual end of year "slot" due to intensive Direct Entry Pilot recruitment taking place within BA, and it instead opened on February 23rd.
As already noted, we can only speculate on if and when the FPP will open again. Based purely on BA's initial figures for desired pilot recruitment numbers, another year of the FPP could be justified, as the current total intake across four years of the FPP has been around 100 less than the plan (<300 vs 400). I would not expect any potential window to open until late Q4 of this year, perhaps early Q1 of the next - but do not take this as gospel!
Times and company policies may change of course, so I can only advise to keep an eye on the website, and on industry publications which may carry news of a further FPP application window (BA run print adverts at appropriate times). These are likely also to be excellent sources of information which may be relevant during the selection process - as indeed is this thread (read all of it - it will answer many questions).
Good luck!