That's not true in the US generally (FDIC "pass-through insurance" is a thing). The problem here wasn't a lack of FDIC insurance, but rather a lack of record k

That's not true in the US generally (FDIC "pass-through insurance" is a thing). The problem here wasn't a lack of FDIC insurance, but rather a lack of record keeping that allowed attribution of insured balances to individual beneficiary account holders.