The majority of people do not want to be responsible for the security of their own wealth. In the UK, for example, 85k of your GBP is protected if your bank account is compromised. Does a similar form of third-party protection exist for bitcoin?

Please note, I am not advocating relying on third-parties. There is some sense, however, in a layman relying on an expert, especially if a certain amount of wealth is legally protected/guaranteed in the event of a hack/theft.

Edit (Rephrased OP based on some of the discussions below) : For a non-expert who can't store BTC securely themselves, GBP in a major bank is currently more (just more, not fully) secure/protected than BTC on an exchange. So my question is, what is the most secure/protected form of third-party BTC storage currently available? And what better third-party systems do people forsee becoming available? (again, I appreciate that "bitcoin" and "third-party" are not the best of friends, but I feel this is still a practical and important question)