https://community.freetrade.io/t/what-happens-if-freetrade-goes-bust-which-of-course-wont-happen
Lots of info here. Essentially if you trust freetrade your stocks are held outside their accounts so are totally safe whatever the value. The 85k covers cash and fees to transfer your stocks to a new broker. Bigger issue is the time your money and stocks are tied up so it might be worth splitting for that reason, or in case a broker committed massive fraud.