My son graduated M.Eng at Bath last year - he did a year out in industry.
You do indeed have to find your own placement, so you need to get off your backside and make the effort.
That being said it's a BIG thing at Bath so they put a lot of effort into helping students find a place, and they have extensive contacts.
I believe most people that want one, and put in the effort, get one.
Many firms come back to Bath again and again for their next intake of graduate engineers.
Once you've hired someone it's very difficult to get rid if they prove to be duffers.
With a placement, if it doesn't work out, you shake hands, wish them luck and promise them a nice write up...and you're done.
Many firms look at the placements as year long interviews.
Hope this helps.