In a small saucepot, heat 1 tablespoon oil over medium heat. Add the shallots and cook until soft, about 5 minutes, stirring occasionally. Deglaze the pan with red wine. Stir in the Dijon and veal demi-glace; simmer over medium heat until reduced by half. Season with salt and pepper. Cover and keep warm.
Add parsnips to a saucepan. Pour in cream until just covering the parsnips. Bring to a simmer and cook for 5 minutes. Turn off heat; let stand for 10 minutes. Transfer the parsnips and the cream to a food processor or blender. Purée until smooth. Add any remaining cream, 1/4 cup at a time, to desired consistency. Season with salt and white pepper; keep warm.
Cook the bacon strips over medium heat until golden brown, but still soft. Season the scallops with salt and pepper. Heat 2 tablespoons oil in a non-stick pan. Sear the scallops on both sides until golden brown.
For each serving, place a large spoonful of purée in the middle of a plate and top with one-fourth of the scallops. Sprinkle on bacon pieces. Drizzle the mustard veal jus over the scallops and the puree.