Yes. Trust regulations have predominantly evolved upon Common Law and equitable principles where fiduciary duty is the overarching requirement. In contrast, banking regulation is typically based on well-formulated rules and regulations that govern almost all actions and reporting requirements that banking institutions need to follow.
Arguably, trust regulation provides the trustee with greater flexibility in actions that it can execute regarding the administration of trust assets and its reporting requirements. Trust regulation allows a high level of flexibility to the trustee on how to administer the assets within different trust structures.
From the application of Common Law and equitable principles, the legal title of assets vested under a trust (subject to certain timeline constraints) will no longer be in the name of the Settlor (asset contributor) but be transferred to the trustee. Hence, creditors of the settlor or claimants under matrimonial, family feudal, or other civil litigation will not be able to claim the assets under trust. Unlike under banking regulation, legal titles to assets have never been separated from the client, which means there will be a less legal protection from any claim against the client's assets.
By law, the assets which have been injected into the trust no longer belong to you. The rights of the assets have been transferred to the trustee. However, UTGL tailors a trust deed whereby all asset allocation decisions are reserved for you. You have certain control of the trust assets by instructing the trustee. You retain the power to direct the allocation of assets according to your choices.