ASIC Brokers, Safety of Funds

Beside of segretion of funds, Icmarkets & pepperstone provide "Professional Indemnity Insurance with Lloyds of London" . Amount is 50,000$.

Is this insurance the equivalent of fca's compensation scheme if a broker becomes insolvent?

hi grandaevus,

could you please share the latest version CSMS ? thanks advance.

Australia regulator has no scheme of compensation.
Professional Indemnity Insurance makes no sense.

Segregated accounts meant nothing: brokers could still access funds for working capital.......then ASIC, the Australian regulator, decided to limit/prevent brokers from access to clients funds...........brokers also needed to have insurance: are clients now covered for whatever happens with the broker?..........anybody knows the exact rules the brokers have to abide by nowadays???