I've been reading through the relevant legislation and I doubt that online study would fulfil the requirements of Section 8 the Act:
http://www.legislation.gov.uk/ukpga/2008/25/part/1
There must be a minimum of 280 hours per year of
guided learning, which is defined as
"a) being taught or given instruction by a lecturer, tutor, supervisor or other appropriate provider of training or education, or
(b)otherwise participating in education or training under the immediate guidance or supervision of such a person, but does not include time spent on unsupervised preparation or study, whether at home or otherwise"