Default DispalyFormat for ftTime fields is formated using global variable ShortTimeFormat (look in fields.inc) , which is "hh:mm" by default.
In Delphi is for same purpose used LongTimeFormat, so you can submit also bug report - feature request to change default formating for ftTime fields from ShortTimeFormat to LongTimeFormat.
You can change global varible ShortTimeFormat (ShortTimeFormat:=LongTimeFormat), in you program and you will get what you want. (I hope ;-)))