I completely agree with you that segregated funds are the way to go & that regulators should consider enforcing that (Gibraltar & Isle of Man actually do).
But look to the banks - also they don't have segregated funds for their customer's bankrolls (aka savings). Still, this practice and they are socially accepted.
By the way, Full Tilt seems to make more and more progress:
http://www.egrmagazine.com/news/1669...filiates.thtml